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I signed a leasing contract with a new tenant for Oct 1st move in date. He didn't give me security deposit or 1st month rent during the signing. Since he didn't paid the security deposit is the contract binding? If he doesn't give me security deposit by next week, which he promised, can I void the contract? What is the process of voiding the contract if its possible?
If the lease is signed by both parties, its legal and binding.
NEVER sign a lease, until the funds are 100% cleared and safe in your account.
I'm sure others better informed than me will chime in with better information and technicalities, but the gist of it is that you just made an amateur mistake.
Does the contract say that they must pay rent and deposit before getting keys? Or by a particular date?
You can try and get them to sign an addendum, if not, that specifies they must pay rent and deposit by x date by money order or the contract is void.
But, I don't think this alone voids the contract. Although, if they show up on Oct 1 without the money, I wouldn't give them the keys, and would then consider the contract void.
At this point, though, I don't think you can void the contract, as I don't think they've breached it at this point, unless the contract says they had to pay at signing.
If you just want out of it, you could try writing them a letter telling them you can't honor the agreement. But, I think you better have a good reason, like you need to move into it, or a relative needs to move in, or you're going to sell it, etc. At this point, they shouldn't have any damages, so I doubt they could come after you for any money they'd be out by you breaching the agreement. But, if they've given notice and can't find another place by Oct 1st, you could get stuck owing them some money for hotel rooms, storage, etc.
When does the lease state they must give you the security deposit and first month rent? I usually require all money to be paid before move in and usually I sit down and go over the lease. Walk through. No keys or occupancy before security and first month is paid.
I signed a leasing contract with a new tenant for Oct 1st move in date. He didn't give me security deposit or 1st month rent during the signing. Since he didn't paid the security deposit is the contract binding? If he doesn't give me security deposit by next week, which he promised, can I void the contract? What is the process of voiding the contract if its possible?
Thanks for the help!!!
What is the specific requirement for paying the security deposit that you outlined to the applicant? Was there anything specifying the time (preferable in writing with their acknowledgement) that the tenant was to pay the deposit on or by a certain date? Was it on the application?
If you have nothing anywhere that specifies how the tenant was to pay the deposit, you have to defer to the lease. What does the lease say about the security deposit? Often, professionally written leases will say something along the lines that a security deposit of X dollars will be paid to the landlord prior to move in and key transfer. So if that's all you have, you may have to wait until the move in date to collect the security deposit before handing over the keys.
I got the money from the renter for first month rent for 1 year contract. Security deposit was divided in to 4 payments each week. I didn't get even one payment. She wants to change contract to two month, not to pay security deposit. She is traveling nurse and supposedly her mother die. she wants to give me $500 on 3/29/2016 and $500 on the first of April.
I got the money from the renter for first month rent for 1 year contract. Security deposit was divided in to 4 payments each week. I didn't get even one payment. She wants to change contract to two month, not to pay security deposit. She is traveling nurse and supposedly her mother die. she wants to give me $500 on 3/29/2016 and $500 on the first of April.
Ask if she has more sob stories.
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