"She already has paid me $ 500 as a Rental Binder however I made it refundable in case my tenant is not moving out by 7/31.
Should I alter the lease to include a similar "refundable if __" provision?"
He is not looking for a way to keep the deposits. He is looking for a way to make the applicant comfortable with signing a lease to get the ball rolling for the HOA approval and so applicant doesn't fear lose money/deposit if HOA or current applicant is not ready by the 1st. Most tenants will not sign a lease prior to even being approved to actually be tenants in the unit because of the obvious reasons of not wanting lose that much money.