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 ________________($_________) to (company name).
In consideration for (company name) holding aforementioned property, I/We wave all rights to the said holding fee, and said fee shall be retained as liquidated damages in the event that I/We fail to enter into the rental agreement/property I/We have applied for by no later than____________________(date of requested move in)
In the event that said application is not accepted, holding fee shall be returned to applicant(s). In the event said application for tenancy is accepted, holding fee shall be applied to security deposit or first months rent.
Please correct/add/omit as you feel necessary. This is what I have so far for a "Holding fee agreement". NEED HELP MAKING SURE IT IS CORRECT! ANY ADVICE WOULD BE GREAT!
I/We _______________understand that I/We acquire no rights to the property located at____________________until I/We sign this agreement and submit a holding fee in the amount of ________________($_________) 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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