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I have (had?) an upcoming tenant for a Union City property that passed a credit check, signed the lease, and provided first + security. Move in date was set to be this weekend as previous tenant wanted an early move out. Now the day before moving in the new tenant wants to look elsewhere under claims the rent is too high. This new individual has not been given the keys and has not moved any personal property on site. The lease agreement stipulates breaking lease is only allowed due to domestic violence and/or applicable local laws.
What are my options and what legal concerns should I worry about?
If you had a standard NJ realty lease it would stipulate once signed and 48hr attorney review clause passed they are liable for 1st month rent OR loss of security deposit and you must begin advertising / finding new tenant
Check your lease terms carefully - in your scenario they signed lease and you took it off market, you are entitled to deposit and must mitigate your losses if you find tenant early and refund portion or keep full if not
If it were me, I would give the tenant his money back and just look for a new tenant. You may be entitled keep his rent money according to the terms of your lease, but if you threaten to do this and the tenant decides he'd rather just move in than lose a month's rent, you will now have the headache of having a tenant who thinks the rent it too high and may have trouble paying. I know it's near the end of the month already but apartments rent fast in Union City, it's possible you can get a new tenant in by Feb 1st.
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