How much is the application fee?
How much is the Binder and Security Deposit? • The Binder is equal to the first month’s rent. It must be posted at the time of application. • The Security Deposit varies by property and rental rate. It can vary from $200 to a full month’s rent. Ask your Leasing Agent about specific vacancies. What is a Binder? • Good faith money posted as part of the Rental Application process. A binder does not holda property. • If accepted, the binder amount is applied to the first month’s rent, although the applicant must deposit the required “security deposit” before taking occupancy. • In the event the applicant fails to take possession after the rental application is accepted, the binder is forfeited as liquidated damages. When do I have to pay/post the binder? • When you submit the Rental Application. • Either with cash, money order, VISA or MasterCard.
