A holding deposit is a fee of one week's rent that renters submit in order to reserve a property.
Reserving a property entails taking your listing off the market and saving it for the renter. This way, renters who move on to the next step in the offer process won't have to worry about someone else stealing the property.
Offers without deposit will be asked to submit a holding deposit within 24 hours once an offer is accepted.
Offers with deposit have pre-authorised the holding deposit beforehand. If an offer with deposit is accepted, the holding deposit will automatically be paid.