Time between accepting a tenant vs signing a lease vs actual move in date

[Lyndsey Keller]

Another newbie question I thought of today on the way back from showing my first rental to the first prospective tenant. Now, I haven't even read their application yet, but he did mention he would have to give 30 days notice to his current landlord, if accepted.

Let's say I do end up going with this guy, who obviously can't move in for another 30 days:

When would we sign the lease?
Do you take a deposit to hold the house for the 30 days? Can you then use that as the or part of the security deposit?

I have to assume this is a common situation, yet I've never read about this. Scenerio from different people and books looks more like you call them to tell them they've been accepted to lease it, you meet and sign the lease soon thereafter, and then arrange a move-in date rather quickly.

[Patrick L.]

If you're willing to hold the property until that date then that's up to you if it makes sense to do, maybe you can find someone that wants to move in right away and maybe not. If I were doing it I'd require the full security deposit (1 month's rent for my properties) a long with a signed agreement that it is a non-refundable deposit in exchange for taking the property off the market. If they sign a lease and pay the first month's rent by X date then it becomes the tenant's security deposit, if not it is forfieted as liquidated damages.