First Months Rent

[La Nae Duchesneau]

I have someone who just rented a home from me and paid her first months rent but has changed her mind about moving in. (she has not paid the security deposit yet) She signed the lease 5 days ago but has yet to move in. Now she wants a refund. I believe I can keep the money until I rerent the place. What is your knowledge on this?

[Lynn McGeein]

Jon Holdman, I think, has a very good holding fee agreement, where the tenant pays the initial funds as a holding fee, non-refundable if they don't take the unit, credited in full towards the security deposit when they pay first month's rent and move in.  I love that system, as long as it's valid in the state where you use it.