Phil Thompson Properties Security Deposit Agreement
Please review our Security Deposit Agreement details before you fill out and submit your Security Deposit Agreement below. Once a Security Deposit has been submitted and accepted for a Phil Thompson Rental Property:
- 1: If the Property Rental Application is not accepted, the Security Deposit is refunded
- 2: If the Property Application is accepted the Security Deposit is retained and will only be refunded once the Lease has been signed and the first month’s rent has been paid.
Security Deposit FAQ
What is required to hold a property for me? And how long can it be held?
You must complete an application, pay the application fee of $40.00 per adult, and pay the security deposit required for the property. Upon application approval notification, the property may be held for you for up to ten (10) days. You must then sign the lease and pay the first month’s rent in full. If you fail to sign the lease within ten (10) days, your deposit will be forfeited and the property returned to the rental market.
What happens if I change my mind about a property after I have been notified of my approval?
You will forfeit your deposit. Upon receiving your notification of withdrawal, we will market the property as available for rent.
What happens if my application is not approved?
If we cannot approve your application, you will receive a full, immediate refund of your deposit. The application fee cannot be returned as it is retained to cover the cost of completing the credit and criminal background check.
What could cause my application to be denied?
We cannot tell you if your application will be approved or declined based solely on your statement of your credit history. We must run the full credit and criminal background check in order to make a determination. We can, however, tell you that if you are currently in the process of filing bankruptcy, have been convicted of a violent crime or drug manufacturing offense, or owe a previous or current landlord for unpaid rent or damages, you will be declined. If your total household income is not 3 x’s greater than the rent, you will be declined. If your bankruptcy has been completed or discharged, it will not automatically cause your application to be declined. *If you are listed on the national sex offender registry you will be declined.*
Do you accept credit or debit cards for payments?
All application fees and security deposits paid in our office are required to be in the form of cash, money order, or certified funds. Personal checks are only accepted for monthly rental payments made before the rent is due and up to the 5th day of the month in which payment is due. After such time, payments must be made in the form of cash, money order, certified funds, or online by credit card.
Security Deposit Agreement
I hereby apply to lease the above described premises for the term up the conditions set forth and agree that the rental is to payable the 1st day of each month in advance. As an inducement to the owner of the property and the agent to accept this application, I warrant that all statements above set forth are true; however, should any statement made above be a misrepresentation or not a true statement of facts, all of the deposit will be retained to offset the agent’s cost, time and effort in processing my application.
I hereby deposit the amount as indicated above as earnest money to be refunded to me if this application is not accepted within five (5) business days. Upon acceptance of this application, this deposit shall be retained as the security deposit. When so approved and accepted I agree to execute a lease for 12 months before possession is given and to pay the first month’s rent within ten (10) business banking days after being notified of acceptance, or the deposit will be forfeited as liquidated damages in payment for the owner’s time and effort in processing my inquiry and application, including making necessary investigation of my credit, character, and reputation. If this application is not approved and accepted by the owner or agent, the deposit will be refunded, the applicant hereby waiting any claim for damages by reason of nonacceptance which the owner or his agent may reject without stating any reason for so doing.
I RECOGNIZE THAT AS A PART OF YOUR PROCEDURE FOR PROCESSING MY APPLICATION, AN INVESTIGATIVE CONSUMER REPORT MAY BE PREPARED WHEREBY INFORMATION IS OBTAINED THROUGH PERSONAL INTERVIEWS WITH MY NEIGHBORS, FRIENDS, AND OTHERS WITH WHOM I MAY BE ACQUAINTED. THIS INQUIRY INCLUDES INFORMATION AS TO MY CHARACTER, GENERAL REPUTATION, PERSONAL CHARACTERISTICS, AND MODE OF LIVING. I UNDERSTAND THAT I MAY HAVE THE RIGHT TO MAKE A WRITTEN REQUEST WITHIN A REASONABLE PERIOD OF TIME TO RECEIVE ADDITIONAL DETAILED INFORMATION ABOUT THE NATURE AND SCOPE OF THIS INVESTIGATION.