Updated over 6 years ago on . Most recent reply
Security Deposit/Tenant backing out
So I have a bit of a dilemma, I have a tenant who signed a 6 month lease that runs Dec 15 - June 15. They signed the lease and has given me $750 of of the $1000 due for the security deposit. Now they are claiming that they do not think they will be able to afford the rent anymore due to circumstances. They have already been late paying the security deposit and now asking if I can cancel the lease and have them get back their $750.
Am I allowed to keep this as they have wasted almost a month of my time and not getting my money for rent? Or should I do like 50/50 or do I just give it back?
Thank you in advance!
Most Popular Reply
- Real Estate Broker
- Cody, WY
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Everyone should have a clear, written policy regarding tenants that fail to take possession. My policy says they will forfeit all deposited funds and the lease is terminated if they fail to take possession on the agreed date.
You should also develop a policy for the security deposit payment. I don't stop advertising a rental until I receive the security deposit. The deposit must be paid in full and with money order, cashiers check, or cash so I know it's good. If they don't have the money, I continue advertising and someone else can rent it.
Did you screen this individual? They seem pretty shady and it doesn't sound like your rental was affordable in the first place.
- Nathan Gesner
