NON REFUNDABLE RENTAL DEPOSIT. GOOD IDEA?

[Vincent Plant]

I am in the process of leasing out a rental unit. Its a low income neighborhood and the tenant had some financial hardships in the past which I have agreed to overlook in exchange for last month's rent up front (rather than collecting just the first month and a security deposit). 

The tenant has agreed but asked for an additional 15 days before they move in to get it all together. I am considering agreeing to this provided they submit a nonrefundable payment of $1,000 (two month's mortgage payments) right now up front to hold the property in case they end up bailing and the property goes vacant for several weeks. I know this is not a traditional method but it works for me because to collect that money up front would pay for my holding costs for 2 months regardless of wether or not they come up with the rest.  

I'm just trying to think through the best way to collect this "nonrefundable fee" in the safest way possible. Since they won't actually be signing a lease until the move in date, what would be the best possible way to write up the transfer of this fee and still be protected on all sides to be able to keep it if they decide to back out before giving the rest of the funds needed to move in (which of course I don't anticipate happening). 

[Dick Rosen]

I'm not sure how the $1000 relates to the value of the rental so I really can't say if it's a fair amount. But I can tell you what we do, we require the security deposit to be paid up front to hold the property, no longer than 2 weeks, as a deposit to hold. If they come through then the hold deposit is converted to Security Deposit but if they fall through then the Hold Deposit is forfeited, non-refundable. And you must give them a receipt spelling this all out and have them sign it.