Tenant signed lease but wont pay deposit

[Joseph Weisenbloom]

Recently a perspective tenant found a loophole in my lease after it was signed. It states that the deposit will be "paid before move in" To this effect the tenant could pay the day before move in leaving me waiting weeks with the threat of them backing out at the last minute. 

Is this lease valid without receiving a deposit? Or can I cancel? Im a little concerned as finding a lease loophole isn't the ideal way of starting a rental relationship. I have used this lease for 7 year without running into this issue. Most people want to secure the rental with a deposit in advance.

What do you guys think?

[Nathan Gesner]

Quote from @Joseph Weisenbloom:

You can't unring the bell.

I would remind the tenant that he is on a month-to-month lease. If he wants to stay for more than 30 days, he needs to abide by the intent of the lease and pay the security deposit. If he wants to play games, give him a written 30-day notice of termination before he even moves in. That will fix his wagon.

I see two problems:

1. Why are you holding the property for "weeks" without collecting money up front? My policy is that the approved applicant has 24 hours to pay the deposit in full and with certified funds. If they don't pay, I continue marketing the property.

2. I don't hold a property vacant for more than 14 days. If they want it, they need to start paying rent, utilities, and other costs. I would only deviate from that on a rare occasion for the perfect renter that walks on water.

"I have used this lease for seven years without running into this issue."

That's because you are operating on luck instead of solid processes. Really evaluate how you run the business. Ask yourself - at every step of the way - what the worst-case scenario is and then plug the holes before your luck runs out. I'm familiar with the Texas lease and it still has holes that need to be filled with additional documents or solid policies and procedures.