Mar
22
Can I cancel the lease and get deposit back?
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I signed a lease on a new place 5 days ago, paid part of the deposit, I don’t have possession of the property, I don’t have the keys until the rest of the deposit is paid. Can I change my mind, cancel the lease and get my deposit back?
Repossession
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9 Comments
March 24th, 2009 at 11:19 am
What does your lease say? Ususally, you have 3 business days to change your mind.
March 27th, 2009 at 10:12 pm
Don’t know what state you are in, but in most cases, no, especially after you have signed the lease. In Texas there is a 72 hour rule. Once you have paid the deposit (partial or full) if you change your mind after 72 hours, you forfeit the deposit.
But, you can always ask them, it never hurts to ask.
Maybe they have other properties that you could transfer the deposit to.
March 28th, 2009 at 10:27 am
Probably not , you signed already , but the truth is in the fine print . . .
Read it !
March 29th, 2009 at 8:28 pm
You will have to read the lease you signed. More than likely no. Unless you have been trasnferred (for work) and the lease allows for that.
April 2nd, 2009 at 6:40 am
You have already signed a commitment to lease the property. Now you will have to either sublease it (if the landlord allows it) or pay a penalty for ending the lease early. Details for ending the lease early, including the cost, are in your lease (which you should have read every word of before you signed it).
April 5th, 2009 at 1:26 pm
Call the property manager and ask. I had this happen and even though it was a week after I signed, they let me out of the lease because I had not yet taken possession. But they kept the deposit for their troubles, which I didn’t have a problem with.
April 8th, 2009 at 7:38 pm
If you don’t cancel your lease within the 72 hour period as everybody mentioned (aka the cool-off period), there’s a 99% probability you won’t get your deposit back.
But don’t be discourage. Why, you ask? There may be a clause in your contract where you can sublet, if you can sublet, you can receive the deposit from that person and let them receive the deposit from the property management company or the landlord. I did it, but it took a lot of negotiating, OK, no it took a lot of begging.
April 11th, 2009 at 3:28 pm
If you signed the lease and you still do not have possession of the property you should be able to cancel the lease and get your deposit in return. Call a lawyer or get free legal advice in this situation. Sometimes the owner will be kind enough to return your deposit without any hassle. Good luck!!
June 2nd, 2009 at 7:50 pm
We have couple who signed lease for Jan- March 2010 rental property. This takes it off the market for any other prospective persons… MUST we rerturn security deposit IF they later say they “cannot make it” after all? Let’s say for work, family, or health reasons? THANK YOU!