deposit to hold property

[Rex Sundberg]

Hello, I have a property coming up for lease in June and I have found a tenant who wants the property.  Properties in this area rent very fast.  My question is can I secure a deposit/holding fee from them 2 months out to hold the property for them.  I dont want to lose money if they back out at the last minute and then it takes me 2 weeks to secure another tenant.  Can I keep the deposit if they bail?  I am in Texas and it is a single family residence

[Nathan Gesner]

I charge a "Holding Fee" and use a one-page Holding Agreement that says I am holding the property with the agreement that they will sign the lease and start paying rent by a certain date. Once the lease is signed, the Holding Fee is applied to their deposit, rent, or whatever charges. If they fail or refuse, then I keep the Holding Fee and the property goes back on the market.

Be careful with your language. A deposit is refundable; a fee is not refundable.