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I'm getting on to this late but as Zephyr correctly mentioned NJ is pro-tenant. If you do not have it specifically in writing that they will forfeit the $400 if they do not complete and sign a one year lease as of July 1st/August 1st then you can not keep the money. If you have signed a contract saying that you will hold the property for them until August 1st then you must do so or risk breach of contract.
If you didn't already put the extension in writing then don't. Continue to show the property and if you find someone you are happy with then sign the new tenant and refund the $400 deposit to the original tenants.
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