What is a folding deposit?
A holding deposit is a small amount of money (usually up to one week's rent) collected from a prospective tenant to reserve a rental property while the landlord completes referencing checks.
How do I take a holding deposit?
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Use the NRLA form: Employ the NRLA holding deposit form when collecting a holding deposit.
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Pause viewings: Temporarily halt any other property viewings while the deposit is held.
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Decision timeline: You have 15 days to decide whether the tenancy will proceed. This period can be extended if both parties agree.
Where can I find more information?
For more details and resources, the NRLA provides guidance on holding deposits for landlords in:
Where can I find training on this topic?
The NRLA offers various training courses for members to enhance their knowledge and skills as landlords. They come in three types of formats :
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Classroom: In-person sessions for hands-on learning.
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eClassroom: Interactive online classes that allow for real-time engagement.
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eLearning: Flexible, self-paced online courses for those who prefer learning on their own schedule.
Last reviewed 9th December 2024