Landlord Question and Answer Forum
I have some tenants that want to give me deposit for a property they will move into in a 45 days... what is the best wat to word this deposit ? I'm looking for this to be non refundable due to me having a vacant property while I wait for them to move in.
Can I make it non refundable?
Should I have them sign lease right away or can I write up a statement about it being non refundable and have them sign?
Joe K, PA on Tuesday, January 3, 2017
RE: Deposit
It is not legal to make the security deposit non refundable it is used to protect your property from damages and the remaining balance is returned. I would just make them pay one months rent for holding the property. or use a holding deposit that is non refundable. Check your area's laws regarding Holding Deposits. It is usually used with vacation homes but can work with situations like this.
Posted by
Bea S, SD
on
Thursday, January 5, 2017
RE: Deposit
I agree.. a holding deposit that is non-refundable is the way to go.
Posted by
Darwin Q, AZ
on
Saturday, January 7, 2017
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