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Updated over 2 years ago,
Security deposit for 1 month delayed move in
Good evening all,
Looking for input if you don't mind. Have a potential tenant that requesting to view my property (new construction condo) on 9/3, but can't move in until 10/1 due to a relocation.
They are willing to put a deposit down upon review, but i'm essentially 'holding' the property for a month before they move in..
First property, no tenants yet.. (has been on the market for 2 months.. multiple applicants and offered leases who vanished when it came time for the deposit)
Was considering requiring the security deposit with 1/2 of it being non-refundable due at signing if they backed out of the lease as i'll essentially be keeping the property vacant for a month.
Security deposit is essentially equivalent to 1 month's rent.
First month's rent due on 10/1 when they move in.
Normal application process applies .
I really don't want to pay another mortgage payment on this property, but i'd sacrifice that if i can get a solid tenant in.
Thanks all, still learning the ropes..