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  1. #1
    Join Date
    Sep 2016
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    1

    Default Can You Get a Holding Deposit Back if You Decide Not to Lease

    Earlier today, I signed an application to lease an apartment in Chicago and I paid a holding deposit (to an apartment finding agency, not a landlord) to take the apartment off the market. As far as I remember, the application mostly asked about info to conduct a background & credit check. I started feeling some buyers remorse and started researching heavily about the area where I would possibly rent and decided that it would not be fitting for me. My question is can I get the holding deposit back and if so, how much? Also, the apartment is not currently in rentable condition as it is being renovated so they're not losing any rent, if I back out.

  2. #2
    Join Date
    Sep 2005
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    98,846

    Default Re: Can You Get a Holding Deposit Back if You Decide Not to Lease

    In terms of your decision not to rent, the only way to find out if you have any right to recover the money is to read the contract you signed when you paid the deposit. Generally speaking, you contractually agree that the holding deposit is forfeited if you choose not to rent.

    If you decide to go ahead with the lease and the apartment is not ready on your move-in date, and no equivalent unit is available, that could be a basis to get your deposit back despite the contract terms.

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