protencial tenant make a deposit to landlord in order to prepare the lease but then chanse his mind

afer the lease was prepare,he delate the setlement and finaly he did not want the deal
In Leasing Property - Asked by James M. - Nov 16, 2014
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Answer(s)

John P.
Broker/Agent
Glen Burnie, MD

James
Primarily a legal opinion is needed. Generally, if the contract of sale or Lease document is not fully executed, the prospect walks away with his/her deposit intact. Good Faith is all the 2 parties bring to the negotiations--sometimes this changes during the negotiations. One deal--the prospective tenant signed the landlord's lease document and returned it to the landlord only to have the Landlord change his mind and refuse to sign the lease. He found a better tenant!

Nov 17, 2014
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pat l.
Owner/Investor
Chicago, IL

Depends on the law of the state,and lease agreement and how you want to do business. Also check out biggerpockets.com and mrlandlord.com ( investor/landlord forum) likely to come across someone who has being through the same. I know landlords who have kept the deposit (for their troubles) and others who have returned it ( to avoid bad karma/ be good neighbors). If its in a winter state, chances of finding another tenant this late may be slim so that may also affect decision

Nov 17, 2014
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Scott N.
Broker/Agent
Boise, ID

Absent a written & signed understanding, I would assume it's a matter of local law.

Nov 18, 2014
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