If they want to go over allowance have them pay for difference with cash deposited in escrow and non refundable, released upon that product being purchased.

My biggest advice would be to not have your Sons mother put down much at all for an option deposit. 

Good Evening,Everyone's advice is spot on however one mention of an item I would look at if everything else is looking great on the offer is the inspection period to get the time to take this look.1) Ask if he has the P&L on hand along with other documents if you go under contract.2) If he has done his homework and collected everything to move expeditiously then I would have the deposit made within a 3 day timer after LOI negotiations (he may request it to accompany which is fine since you can request back).

>> Finally, I know we let the tenant off the hook already, but should we have held their deposit?

Most contractors are friendly but they are all about how much they can make, how fast they can do the job and how cheap and how much deposit up front they can get!

In NJ, the deposit has to be returned within 30 days.

This morning around 10am (02/12) I got an email from Auction.com saying: “We have received and processed your Purchase Agreement, Proof of Funds and Earnest Money Deposit documentation.

More importantly I looked at how technology could not only improve lifestyle but cashflow:(These are general numbers not associated to a specific product, please price your own product and charge +/- accordingly)30 Unit Apartment$150 deposit per 2 "smart keys" (returned if 2 undamaged keys are returned - kept if not returned)= $4,500 on deposit at capacity$75 replacement - This will bring in a few hundred a year minimum on this property(Make sure your replacement cost to the tenant is more than your key cost for the hassle of reprogramming and to be paid for your time and cashflow, consider it like a contractors markup for services)If I pay $200 a lock I am in for $6,000. however in year 1 I receive $5k+in deposits or replacement fees that could be realized.

If the buildings are in high demand the seller will likely ask for a nonrefundable earnest money deposit in competitive markets.Land is different.

.- Chicago: "Rate of Interest on Security Deposits" summary document (tenant initials even if there is no security deposit).- Chicago: "Preventing Bed Bug Infestations In Apartments" guide (tenant initials received in lease docs).- Chicago: Copy of the Chicago Residential Landlord Tenant Ordinance Summary (tenant initials received in lease docs).- Chicago: Heat/Energy Disclosure Statement (only if tenants pay their own heat, tenant to sign)- Chicago: Chicago Recycling Ordinance Flyer/Disclosure (tenant to sign)- Illinois: "Protect Your Family From Lead In Your Home" guide.