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Gerald-Esquire
Gerald-Esquire, Other
Category: Landlord-Tenant
Satisfied Customers: 4073
Experience:  30 Years of experience.
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PA** We have tenants willing to move into our property.

Customer Question

PA** We have tenants willing to move into our property. However, they do not have the requisite security deposit and first month's rent totaling $2400. We told them that we will continue showing the property and reviewing applications unless we have at least $250 of nonrefundable 'earnest' money deposit from them that will be applied towards their security deposit upon move-in. Can we set a time limit that the nonrefundable deposit is good for? We don't want the property to sit around nonperforming for like 60 days while these people get their act together. Can we say this'll hold the house for 14 days?
Submitted: 10 months ago.
Category: Landlord-Tenant
Expert:  Gerald-Esquire replied 10 months ago.

Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

Expert:  Gerald-Esquire replied 10 months ago.

Hello,

Thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow up questions you have.

I am an attorney with 30 years of experience. I also happen to be a former Landlord. I hope to provide you information that will help you in resolving your question.

The PA Landlord Tenant Act does not address a good faith deposit. So your written agreement will control. As long as your tenant agrees in writing to the proposal you are making you are OKAY.

As an aside - as a former landlord - I might add that this situation has red flags all over it. You would be far better off waiting for a reliable tenant. Having a bad tenant is such a huge headache, and can be very expensive.

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Good luck,

Please note: Information given is not legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.