When you place an offer on a rental property through PropertyLoop, you'll be required to provide your card details for a holding deposit. It's essential to clarify that the holding deposit amount is NOT taken from your bank account at this stage. Rest assured, NO money is ever taken unless your offer is accepted.
Similar to providing a card when checking into a hotel, PropertyLoop takes a "pre-authorisation" payment to secure the property. In this case, the holding deposit won't be taken while offers are being countered/discussed, or if your offer is ultimately rejected. A holding deposit only gets taken once an offer is accepted.
How Does the Holding Deposit Work on a Lettings Property?
The holding deposit is not an extra fee imposed on you as a renter placing an offer. Instead, it serves as a commitment to proceed with the rental process once your offer is accepted. The holding deposit will be used towards your first month's rent and security deposit when you decide to move into the property.
Protecting Against Fraudulent Information:
As with any reputable platform, providing accurate information is crucial. If you provide fraudulent or false details during the offer and referencing process, you risk losing your holding deposit. Be honest and transparent throughout the process to avoid any complications.
- No charges occur when your offer is rejected.
- The holding deposit is NOT an additional fee; it secures the property for you.
- The deposit is only taken when your offer is accepted and will go towards move-in costs.
- Be truthful during the process to safeguard your holding deposit.
PropertyLoop aims to make the rental process transparent and straightforward. Rest assured that your holding deposit will only be utilised if your offer is accepted, helping you secure your ideal rental property efficiently and fairly.