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Best way to write a Holding Fee Agreement

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LisaAnnS

Member
What is the name of your state (only U.S. law)? IL

Please correct/add/omit as you feel necessary. This is what I have so far for a "Holding fee agreement". NEED HELP MAKING SURE IT IS CORRECT! ANY ADVICE WOULD BE GREAT!

I/We _______________understand that I/We acquire no rights to the property located at____________________until I/We sign this agreement and submit a holding fee in the amount of ________________($_________) to (company name).

In consideration for (company name) holding aforementioned property, I/We wave all rights to the said holding fee, and said fee shall be retained as liquidated damages in the event that I/We fail to enter into the rental agreement/property I/We have applied for by no later than____________________(date of requested move in)

In the event that said application is not accepted, holding fee shall be returned to applicant(s). In the event said application for tenancy is accepted, holding fee shall be applied to security deposit or first months rent.
 
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Zigner

Senior Member, Non-Attorney
What is the name of your state (only U.S. law)? IL

Please correct/add/omit as you feel necessary. This is what I have so far for a "Holding fee agreement". NEED HELP MAKING SURE IT IS CORRECT!

I/We _______________understand that I/We acquire no rights to the property located at____________________until I/We sign this agreement and submit a holding fee in the amount of ________________($_________) to (company name).

In consideration for (company name) holding aforementioned property, I/We wave all rights to the said holding fee, and said fee shall be retained as liquidated damages in the event that I/We fail to enter into the rental agreement/property I/We have applied for by no later than____________________(date of requested move in)

In the event that said application is not accepted, holding fee shall be returned to applicant(s). In the event said application for tenancy is accepted, holding fee shall be applied to security deposit or first months rent.
This if for legal ADVICE. If you want somebody to write/rewrite your document, you're going to have to pay for it.
 

Baranov

Member
A holding fee agreement will not stop your applicant from demanding back the holding fee.

But would you really want someone that doesn't know the meaning of a contract and is angry at you for holding them to the holding fee agreement living in your rental? It would be Better to wait for someone who is fully committed and has all the cash necessary to move in now.
 

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