Good-Faith Deposit Agreement
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This form lets Landlords secure future Tenants for apartment units when they’re not sure of the specific units that will be available at the Tenant’s desired move-in date.
Document Last Modified: 8/31/2021
It’s helpful for Landlords to have Tenants secured for future rental until vacancies, and often Tenants want to reserve a rental unit for a later date. However, if the Landlord is unsure of the specific unit that will be available, this process can be difficult.
The purpose of the Good Faith Deposit Agreement is to create an agreement between Landlords and Future Tenants. In this Agreement, Landlords agree to rent a unit to a Future Tenant starting on a specific date. The Future Tenant agrees to enter into a Lease Agreement with the Landlord prior to that move-in date.
The form also provides the terms for a Good-Faith Deposit from the Future Tenant. The Landlord specifies the amount of the deposit, which will be converted to the security deposit when the Tenant signs a Lease Agreement and pays the first month’s rent.
The Good Faith Deposit Agreement is an EZ way for Landlords to secure future Tenants and to reduce vacancy costs.