Holding deposit in Texas

[Mary lou L.]

How does a holding deposit work particularly in Texas.

We have a prospect, a teacher moving into town. He said they are looking to move Mid July.

The house isn't quite ready but is projected ready to move in by June 15th.

He asked about paying half of the security deposit and the rest on move in. (If he passes all our checks)

I don't want to start feeling like I am giving concessions, and this situation is new to me.

I don't want to wait until July 15th to start. I want to rent this home out as soon as it is ready,and I made him aware of this.

I read about a holding deposit. How exactly does this work?

I am asking 1000 security deposit and 875 monthly rent.

Granted this is our first prospect, he and his wife are moving into town to take over a teaching/coaching position a the High School.

Thanks for your advice!