Taking a non-refundable deposit for a move-in scheduled for fall?

[Karen Bickford]

Hello Bper's,

It's been while since I've been here.  I have a rental that the current tenants are moving out in the fall as they are building a home and that is when their new home is going to be ready.  I have someone that wants to take it when it becomes available.  I am taking a deposit now to hold it however should I make the deposit non-refundable if she changes her mind? Should I craft up the lease even though we are not sure of the start date.  TIA I am in MA

[Ann Bellamy]

You definitely need to CAREFULLY review the statute for security deposits in MA (mass.gov).  Security deposit requirements in MA are so difficult to comply with that many MA landlords don't take them at all, because one tiny mistake when you are in front of a judge causes you to lose your case entirely, and secondly, the judge will award 3 times the security deposit to the tenant.  Once you take a security deposit, this triggers the rules.  The law is very punitive to landlords.  Don't blow this off, it's important.