03/07/2026
Our Reservation Policy
*1. Reservation Payment*
A prospective resident may reserve a unit by paying an amount equivalent to one (1) month's rent, which shall serve as the Advance Rental Payment and reservation of the unit.
Upon successful move-in, this amount shall be applied to the Resident's first month of rent and shall not be treated as an additional charge.
*2. Reservation Period*
A unit may be reserved for a maximum of two (2) months from the date the reservation payment is received.
If the Resident intends to move in beyond the two-month reservation period, management reserves the right to decline the reservation or require a new reservation agreement.
*3. Unit Availability*
Upon receipt of the reservation payment, Favored Residences shall mark the unit as Reserved and remove it from active marketing and leasing during the reservation period.
*4. Non-Refundable Reservation*
The reservation payment is non-refundable.
Should the Resident decide not to proceed with the lease, cancel the reservation, fail to move in on the agreed date, or otherwise withdraw for personal reasons, the reservation payment shall be forfeited.
This policy compensates Favored Residences for the opportunity cost of holding the unit and declining other prospective residents during the reservation period.
*5. Rescheduling of Move-In*
A Resident may request to move the agreed move-in date within the original reservation period.
Any extension beyond the two-month maximum reservation period shall be subject to management approval and may require additional payment or a new reservation.
*6. Failure to Move In*
If the Resident fails to occupy the unit on the agreed move-in date without prior written notice and approval, Favored Residences reserves the right to cancel the reservation.
The reservation payment shall be forfeited, and the unit may immediately be offered to other prospective residents.
*7. Change of Unit*
Reservation of a specific unit does not automatically entitle the Resident to transfer the reservation to another unit.
Requests to transfer a reservation shall be subject to unit availability and management approval.
*8. Application of Reservation Payment*
The reservation payment shall be credited toward the Resident's first month's rental payment only if the Resident proceeds with the lease and occupies the reserved unit.
It shall not be applied toward the security deposit unless expressly agreed in writing by management.
*9. Cancellation by Management*
If Favored Residences is unable to provide the reserved unit due to circumstances beyond the Resident's control, including but not limited to property damage, safety concerns, or management decisions preventing occupancy, the full reservation payment shall be refunded or, at the Resident's option, transferred to another available unit.
*10. Acceptance of Reservation Policy*
By paying the reservation amount, the Resident acknowledges that they have read, understood, and agreed to this Reservation Policy, including the non-refundable nature of the reservation payment.
