Misleading holding deposit. I am writing this to hopefully prevent another potential renter and applicant from losing thousands of dollars like I have! For me this was a very expensive lesson but for someone else it could be financially devastating! The Owner and Company stand by this policy and procedure so beware and do not sign the Holding Deposit until after you have reviewed the lease and are ready to be financially responsible for the property. I recently applied for a home to rent through Parker properties. I was approved and was asked to put a holding deposit down until they could draw up the lease. The Holding Deposit (because my move in date was so soon- 1st Month’s rent and Security Deposit) totaling $7,390. I dropped off the cashier’s check and was told to sign the Holding deposit Receipt. I was NOT provided any explanation or details. I signed it without reading it fully because I was in a hurry, on my lunch hour and understood Holding Deposits to be a charge for the days the property was removed and held off the market by the applicant/potential tenant. I received the lease 3 days later and couldn’t comply because there were many restrictions listed that were not normal and it was not a California Association of Realtors lease. I declined the rental which I have every right to do if I cannot comply with the rules and policies. Sadly after, I was told I would be charged $120 a day until the home was re-rented up to 30 days not for just the 3 days the property was taken off the market. They held my entire deposit. I called and spoke with the owner and Broker Teri Parker to discuss it, and she didn’t budge nor care. She stands by how this was handled, the lack of disclosure, explanation and transparency and then warned me not to sue (without me mentioning it) because she’s been sued in the past on this and won every time. I would think if that were true, she would want to avoid being sued and would do everything she can to be sure the applicant is aware that they are agreeing to be financially responsible for up to 30 days without signing a lease not just for the days the property was held and taken off the market. Yet she hasn’t changed this policy and still doesn’t disclose the restrictions or rules nor explain their Holding Deposits receipt which warrant a verbal conversation as they entail a lot more than just for holding the property. After 30 days of holding my money, I was charged $2,640 for 22 days at $120 per day despite the property being marketed online for 19 of those days and many people viewing the home. It should not be the applicant’s responsibility to pay for a property they never agreed to lease. This is bad business and I’m not aware of any other property mgmt. company doing this!