Deposit to hold property : ezLandlordForms

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Deposit to hold property

Rachel L

started a topic over 5 years ago

Good morning, I have a potential tenant who wants to give me a deposit to hold the house until October 1, 2018. Is there a timeframe where I can refund the deposit if the tenant does not move in by the date they provided?

2 Comments

Matthew M

said over 5 years ago

As long as you state the date of the cutoff with refund in the lease, you shoudl be ok.

Sandra P

said over 5 years ago

I have my tenants sign a "fee to hold " the property equal to the deposit that states it is not refundable after 5 days and then it will be used as the refundable deposit AFTER the lease is signed. I have every one sign and understand. I just had someone backout a few days before signing and moving in. Thank goodness I had the nonrefundable funds to start over for advertising as I turned someone down that wanted to rent and I went a whole month with no tenant. If you state it as DEPOSIT it has to be refundable.