Holding rental property with a deposit and promissory note

[E.S. Burrell]

Hello

I have an applicant who wants to move in early February. I required a deposit to hold the home. Does anyone have a promissory letter example or can help me with wording they’ve used to insure its non refundable if he changes his mind and that I promise to not rent out to someone else. Thank you

[Jeremy Pace]

@E.S. Burrell I think you'll have an issue if you call it a "deposit".

Maybe have them sign an "Option to Lease", include all the terms of your lease, and the start date.

Then say if he doesn't pay on date X, and take possession on date Y, the option is voided.  Also, refer to the money that he pays you as "Non-Refundable Option Consideration" if he takes possession and begin to pay rent, his NROC is converted into deposit monies (and a lease is signed), if not, it is forfeit.