DEPOSIT TO “HOLD” A RENTAL PROPERTY

If the landlord requires a deposit to hold a property, the applicant must receive a receipt and a written statement of any conditions under which the deposit may be retained by the landlord.  If the prospective tenant does move into the rental property, the amount of the deposit must be applied towards the first month’s rent or the tenant’s deposit.  If the tenant doesn’t move in, the landlord may keep the holding deposit as long as doing so is in accordance with the statement of conditions given to the prospective tenant.  (RCW 59.18.253)

In other words, if the landlord wants the prospective tenant to pay any money prior to move in, these disclosures must be provided.  There is no language in many standard leases that fulfills this requirement!

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.