Security Deposit Through mail from out of state applicant

[Antonia Rogers]

I have an applicant from out of state and would like to secure a move in date roughly 30 days from now with a security deposit. Everything about this applicant is perfectly fine. However, I have never done this remotely before. I typically have a receipt of security deposit that is signed by both parties that includes the understanding that if the potential tenant does not take possession on the move in date the security deposit is forfeited. 

I suggested Venmo or mail. He prefers by mail. I am thinking of signing and emailing this receipt and requesting that he also sign it, keep a copy and put it in with the check for security deposit. I can add the anticipated move in date etc. to it as well. And then sign the lease on the move in date. 

Thoughts on this path?

[Nathan Gesner]

Terrible idea. You're going to hold the property off the market while mailing a receipt to the applicant, then waiting for them to mail you a check, then wait for the check to clear? You're talking about a minimum of 7-10 days just to get the check in the mail, then you have to wait 7-10 days for the check to clear. When are they going to start paying rent?

I require the deposit to be paid within 24 hours with certified funds, meaning I have the money in my hand. If you wait a week for a check to clear and it bounces, that's throwing a week of rent income down the drain.

Once funds are received, I expect the renter to start paying rent within 7-10 days. Why hold a property off the market for weeks or a month and losing all that rent income?

Deposit within 24 hours. Start paying rent within 7-10 days. If they can't handle that, keep it on the market for someone willing to rent it sooner.