Please help! This is my first time to rent our house out.
Receipt and holding deposit agreement
This will acknowledge receipt of the sum of $930.00 by Nikwasi ("Landlord") from T ("Applicant") as a non-refundable holding deposit to hold vacant the rental property at XXXX until 8/31/2009 at 11:59 pm. The property will be rented to Applicant on a 12 months basis at a rent of $1395.00 per month, if Applicant signs Landlord's written residential lease agreement and pays Landlord the first month's rent and a $1400.00 security deposit on or before that date.
Landlord and Applicant agree that if Applicant fails to sign the resident Lease Agreement and pay the remaining rent and security deposit, Landlord may retain of this holding deposit equal to $930.00. Should the Lease Agreement be unable to be signed through no fault of Landlord or Applicant, Landlord may retain of this holding deposit equal to the prorated daily rent of $50.00 per day starting from this 3rd day of August, 2009