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Security deposit with no signed lease agreement (CA)

A tenant set to move in to our condo on December 25th has backed out based on a decrease in pay. They paid the security deposit but had not sent in the signed lease agreement. She was waiting on her spouse to return from training to sign agreement and submit. The agreement is based on our condo in CA. Does anyone have any idea what our options are as far as returning the security deposit? Is the deposit considered a binding agreement even if I don't have the signed lease agreement?  Any help or advice would be greatly appreciated!

Use this as your chance for a clean break and return the security deposit. Find New tenants ASAP, I understand the difficulty in a situation like this that might be sensitive but if the tenants will not be able to afford it in the long run breaking now before things are signed is a great idea. You are not held to any contract as there is no agreement but a verbal agreement may still hold. Finding new tenants that are ready and can afford it is the more logical choice.
Agreed...thanks for the feedback. I returned the deposit today and will hopefully have a new tenant soon.  Thanks again! :)
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