Security deposit

[Roy Gutierrez]

Hi,

I'm about to rent a house fully furnished to an out of state renter, we agreed on the price and they're qualified, the only problem is that there's a small chance that the company they work for will not assign them to Michigan, they said in 2 weeks they will let me know for sure but they want to me to hold the property for them, so I told them that in order to hold the property I need a security deposit and in the case that they don't get assigned I will keep 1/3 of the deposit and it's up to me if I want to return the 1/3, if I feel that I didn't lose any business, I have no problems returning the entire amount to them but with the demand right now (this week I started getting requests to view the property left and right!) that might not be the case. 

So how should I go about doing this? Let me know if I'm doing this correctly:

1.- I need to send her a document with the rules about the deposit to hold the property and pointing out that if they don't move in I keep 1/3

    * they sign, send document back, I sign and send a copy back to them with both signatures.

2.- they need to send asap a cashier's check (or should I require a wire?) so I can actually hold the property.

    * Once I get the cashier's check (or wire), I send them a signed document that I received the deposit.

3.- Once they arrive in town we sign the lease and the hold deposit becomes the lease deposit.

Am I doing this correctly?

Thanks,

Roy.