I am a landlord and I have been trying to rent my apartment to this potential tenant for a couple month. They accepted the offer but dragged on providing papers and deposit and after much frustrating back and forth, my broker received a deposit for the apartment to be applied to the first month rent once the papers are finalized. In the mean time, the potential tenant's financial situation has... [more]
I am a landlord and I have been trying to rent my apartment to this potential tenant for a couple month. They accepted the offer but dragged on providing papers and deposit and after much frustrating back and forth, my broker received a deposit for the apartment to be applied to the first month rent once the papers are finalized. In the mean time, the potential tenant's financial situation has changed significantly and I do not want to rent to him any more. I lost about 3 months dealing with him. Can I keep the deposit for the compensation for the lost months? Without providing more detail, I think I have a ground for refusing to rent to him. My broker was very amateurish and did not seem to have clearly stated that this deposit is non-refundable if the tenant changes his mind or deal falls apart for a valid reason. (this needs to be confirmed thou) If it turns out I have to return the deposit, can I sue the broker for not doing his job properly? He had made few other mistakes and it's part of his fault that this whole thing got dragged out.
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Response by huntersburg
almost 14 years ago
Posts: 11329
Member since: Nov 2010
You want to keep the deposit because you rejected the tenant?
Your broker was an amateur so that's grounds for a lawsuit seeking money damages? This sounds like an inododo special.
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Response by Fairway
almost 14 years ago
Posts: 156
Member since: Feb 2011
A rental deal taking that long is ridiculous. Ultimately, allowing a deal with someone who apparently wasn't financially stable to drag for so long is your responsibility.
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Response by celeste20
almost 14 years ago
Posts: 4
Member since: Oct 2012
Look - refrain from judgement. We had our reasons to believe this deal will go through and the tenant was solid. When I say amateur, I mean he did not perform the basic responsibilities expected of him. I am only interested in constructive advice - what is the norm on holding deposit or pre-sign deposit? What is market practice? Anyone has experience with holding deposit dispute?
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Response by bramstar
almost 14 years ago
Posts: 1909
Member since: May 2008
Did you know about the potential tenant's financial change in circumstances before accepting the deposit? If you already knew you did not want to continue in the deal with this person then you should not have accepted any money from him. And you should return the funds.
As for the loss of three months during the back-and-forth--that is your responsibility. Nothing was stopping you from walking away from the deal and seeking another renter. Three months to finalize a rental deal is ridiculous.
With regards to the broker--I don't really know that you have sufficient grounds to sue (and win), though by all means speak with an attorney. Understand, though, that if you sue you will likely incur more fees through that process (not to mention the accompanying headache of the process) than is worth it.
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Response by MAV
almost 14 years ago
Posts: 502
Member since: Sep 2007
Between this and your other thread, you appear to have no clue how to operate.
Learn how to manage, or hire a property manager.
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Response by w67thstreet
almost 14 years ago
Posts: 9003
Member since: Dec 2008
Like a hooker charging $1000 for a blowjob and then negotiating for 45 nites with the same John.
Flmaozzzz.
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Response by w67thstreet
almost 14 years ago
Posts: 9003
Member since: Dec 2008
Lower the price suck more dick
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Response by jim_hones10
almost 14 years ago
Posts: 3413
Member since: Jan 2010
not only are you vulgar, you make absolutely no sense. ever.
You want to keep the deposit because you rejected the tenant?
Your broker was an amateur so that's grounds for a lawsuit seeking money damages? This sounds like an inododo special.
A rental deal taking that long is ridiculous. Ultimately, allowing a deal with someone who apparently wasn't financially stable to drag for so long is your responsibility.
Look - refrain from judgement. We had our reasons to believe this deal will go through and the tenant was solid. When I say amateur, I mean he did not perform the basic responsibilities expected of him. I am only interested in constructive advice - what is the norm on holding deposit or pre-sign deposit? What is market practice? Anyone has experience with holding deposit dispute?
Did you know about the potential tenant's financial change in circumstances before accepting the deposit? If you already knew you did not want to continue in the deal with this person then you should not have accepted any money from him. And you should return the funds.
As for the loss of three months during the back-and-forth--that is your responsibility. Nothing was stopping you from walking away from the deal and seeking another renter. Three months to finalize a rental deal is ridiculous.
With regards to the broker--I don't really know that you have sufficient grounds to sue (and win), though by all means speak with an attorney. Understand, though, that if you sue you will likely incur more fees through that process (not to mention the accompanying headache of the process) than is worth it.
Between this and your other thread, you appear to have no clue how to operate.
Learn how to manage, or hire a property manager.
Like a hooker charging $1000 for a blowjob and then negotiating for 45 nites with the same John.
Flmaozzzz.
Lower the price suck more dick
not only are you vulgar, you make absolutely no sense. ever.
Surprising that the two of you aren't friends.