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Question:

An applicant and his wife signed a rental agreement for a one- year lease yesterday. Today his wife decided she does not want to move here. I have a $2,000.00 deposit from him. Am I obligated to refund it? I informed him that I would make every attempt to rent the home and would refund any remaining amount beyond the daily rent deducted from his deposit. Is this legal?

Answer:

There is no “cooling off” period in real estate. If you sign a lease, you are responsible for the full term of the lease. A landlord must use his best efforts to migrate the tenant’s loses by trying to re-let the premises. You should send a security deposit letter indicating that the tenants owe for the full term of the lease and you will be using their entire deposit. You should explain that their liability would be lessened, when a new tenant is found.

Author
~Dennis Block: Source

This entry was posted on Tuesday, June 3rd, 2008 at 9:45 pm and is filed under Questions & Answers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.