Holding Deposit

[Justin Donohue]

How does everyone handle getting a deposit to hold a property for an applicant? I have a tenant moving out at the end of the month. I listed the property when I received his notice and I have a qualified applicant ready to move in on the first of the month. However, there are three weeks to go before the current tenant moves out. Do I do a binder agreement and charge the same amount as my security deposit then stop advertising and showing the property? The amount would turn into the security deposit when we sign the lease or I would keep the money if the applicant bails on me a couple days prior to signing the lease. If the applicant bailed I would have to start the process over again and possibly be out a month's rent if I didn't keep the holding deposit.