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Good faith deposit protocol in California

I am asking a prospective tenant to give me a $100 good faith deposit in order to take my rental off the market and hold it for him until June 1.  Do I need to give him a 72-hour right of refusal period before the deposit becomes nonrefundable?  If they proceed with the rental, the $100 will be applied to the 1st month's rent.
  • May 07 2012 - Eureka
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