Do you collect EMD for rental applications?

I know that some property management companies collect EMD (Earnest Money Deposit) for rental applications. The EMD is qqual to one month rent and it is in the form of personal check. The landlord  does not cash the check and it is returned to the applicant if the application is not approved.

I am debating with myself if the EMD should be collected when people apply to my rental house.

EMD is way to show applicants' seriousness on their commitment to rent for the property and serves as a refraint if they later change their mind.

But, the applicants can cancel the check if they later change therir mind, since the check is not cashed.

Are other landlords here collect EMD fro rental applicantions? 

所有跟帖： 

• "Cash deposit" it when you are ready to approve the application -va_landlord- ♂ (56 bytes) () 03/19/2012 postreply 07:16:51

• 回複："Cash deposit" it when you are ready to approve the applicati -滾雪球- ♀ (100 bytes) () 03/19/2012 postreply 08:29:45

• It is Security Deposit, not EMD -va_landlord- ♂ (106 bytes) () 03/19/2012 postreply 09:25:23

• EMD should only be collected at lease signing -beachlver- ♂ (603 bytes) () 03/19/2012 postreply 07:34:14

• 回複：EMD should only be collected at lease signing -滾雪球- ♀ (816 bytes) () 03/19/2012 postreply 08:35:28