A tenant can be asked for a deposit to reserve/hold a property they intend to rent.
The property manager/owner can only take one holding deposit at a time for a property.
The tenant must be given a copy of the proposed agreement (including any special terms, by-laws or park rules) before money is taken.
The tenant and the property manager/owner must agree on the holding period for the deposit. If none is agreed the period is 48 hours. The holding period should be written on the receipt.
Tenant decides not to rent the property
If the tenant does not want to rent the property and tells the property manager/owner within the holding period their deposit must be refunded within 3 days.
If the tenant does not tell the property manager/owner within the holding period they are not going ahead with the rental, or if they say they will proceed but do not enter into a tenancy agreement, they forfeit their deposit.
Tenant signs a tenancy agreement
When a tenant signs the agreement the holding deposit becomes part of the rental bond. Any surplus amounts then become rent.