Once the Offer Letter has been accepted in principle by both parties, it is signed by the concerned parties and an equivalent of one month's rental (this could include the management fees) is provided to the Landlord by the proposed Tenant. This amount is held by the Landlord as a stakeholder, and upon signing of the formal Tenancy Agreement this sum becomes the first month's rent. In the event that the tenancy agreement is not signed, for whatever reason, this sum is refunded to the proposed Tenant. In some cases, the Landlord requests a holding deposit which is non-refundable in the event that the Tenancy Agreement is not executed by the proposed Tenant.