Security deposit

[Roy Gutierrez]

Hi,

I'm about to rent a house fully furnished to an out of state renter, we agreed on the price and they're qualified, the only problem is that there's a small chance that the company they work for will not assign them to Michigan, they said in 2 weeks they will let me know for sure but they want to me to hold the property for them, so I told them that in order to hold the property I need a security deposit and in the case that they don't get assigned I will keep 1/3 of the deposit and it's up to me if I want to return the 1/3, if I feel that I didn't lose any business, I have no problems returning the entire amount to them but with the demand right now (this week I started getting requests to view the property left and right!) that might not be the case. 

So how should I go about doing this? Let me know if I'm doing this correctly:

1.- I need to send her a document with the rules about the deposit to hold the property and pointing out that if they don't move in I keep 1/3

    * they sign, send document back, I sign and send a copy back to them with both signatures.

2.- they need to send asap a cashier's check (or should I require a wire?) so I can actually hold the property.

    * Once I get the cashier's check (or wire), I send them a signed document that I received the deposit.

3.- Once they arrive in town we sign the lease and the hold deposit becomes the lease deposit.

Am I doing this correctly?

Thanks,

Roy.

[Jeff McCaskey]

@Roy Gutierrez 

I would tell them you are going to show it to other people and if its still available when they find out about the job then you will proceed. Find someone prepared to make a decision.