Is my security deposit gone if I back out of my lease?
03/20/2014 | Author: Legal Staff
On March 6, my girlfriend and I executed a residential lease for a home and submitted a deposit. The lease's commencement date is April 1. We gave notice on March 17 that we won't be moving in on April 1 because my girlfriend's employer has moved her transfer date to Oct. 1. Are we entitled to receive the deposit money back because the lease hadn't actually started yet?
The only way to get your entire security deposit back is for you to find a replacement tenant who is satisfactory to the landlord and who moves in by April 1. If the landlord finds a replacement tenant with the same conditions, he can deduct from the security deposit either a sum agreed to in the lease as a cancellation fee or actual expenses incurred by the landlord in securing the replacement tenant. If a satisfactory replacement tenant is not secured and moved in to the dwelling by the lease's commencement date, the landlord is entitled to retain the security deposit pursuant to the lease agreement between the landlord and tenant.
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