rent/lease question

[finnpipette]

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quick question. Does anyone know what happens to your security deposity/first month's rent if you decide to break your lease because you were taken off of a waitlist?

 

[GBFKicks]

quick question. Does anyone know what happens to your security deposity/first month's rent if you decide to break your lease because you were taken off of a waitlist?

I'm not a lawyer or anything, but I think your landlord is allowed to keep the security deposit and first month's rent. However, if the person is nice enough he may give you the security deposit back and maybe even the rent check.

 

[Neuronix]

It depends what's written in your lease and what your landlord decides to do. Some just have some leasebreaking fee, and some keep your entire security deposit. However, you can get screwed if you sign a lease and the landlord doesn't re-rent the place. While you're legally not responsible for money beyond the security deposit, you ARE responsible for the rent until the landlord can re-rent it. This means they technically shouldn't hold any rent (like your first month), but they can claim they couldn't get rid of it sooner and hold it as long as they please. I've also seen some landlords decide to keep security deposit and first and last month's rent, illegally, then rent it out anyways. It then becomes a court battle in their jurisdiction. Fun huh?

 

[samurai_lincoln]

It depends what's written in your lease and what your landlord decides to do. Some just have some leasebreaking fee, and some keep your entire security deposit. However, you can get screwed if you sign a lease and the landlord doesn't re-rent the place. You're responsible for the rent until the landlord can re-rent it. This means they technically shouldn't hold any rent (like your first month), but they can claim they couldn't get rid of it sooner and hold it as long as they please. It then becomes a court battle in their jurisdiction. Fun huh?

Agree that you need to look at your lease, as these terms will govern. And if the slum, er, landlord is not able to rent out the place, you could be on the hook for the whole lease term (again, depends on lease provisions). However, landlords do have a duty to mitgate damages, i.e. cannot sit on the vacant apartment and not rent it out. But proving this may be another story, and just paying the rent may be cheaper than becoming involved in a protracted court battle.

I would: 1) check your lease to see if this situation is covered (I'm sure it is), and 2) if it isn't, or else the terms are brutal, try to work out an amicable situation with the landlord. Your deposit and first month rent are probably toast at this point, just hope it doesn't get more expensive.

 

[skiz knot]

If I am not mistaken, breaking a lease can be reported to the 3 credit agencies, and it may become difficult for you to rent in the future.