Landlord Question and Answer Forum

Forum / Other / Deposit to hold property

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?

RACHEL L, LA on Wednesday, September 19, 2018

RE: Deposit to hold property

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

Posted by Matthew M, IL on Thursday, September 20, 2018

RE: Deposit to hold property

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.

Posted by Sandra P, MN on Monday, September 24, 2018

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