Collecting security deposit remotely

[Jeremy Fields]

I have found lately that the number of applicants to my units has dropped significantly. For this reason, once I have someone approved, I want to send the lease for signature with a short time limit, so I can quickly move to the next applicant if needed. Basically, 24 hours to sign, and 48 hours to send deposit.

I most always collect a security deposit and get the lease signed electronically. It's quick and saves me time. And, really the only option with an out-of-state tenant moving to the area. Lately, with the Coronavirus, this has become even more common practice. However, I am always concerned I'll get the lease signed and then never receive the deposit. 

Does anyone know if I can void a lease if the deposit is not received within X days? I write this into my lease agreement, but never had to enforce, and thus test it's validity.

How are the rest of you collecting deposits? Are you setting time limits on the lease once you send it out for signature?