Tenant cancels offer after giving half deposit
January 27, 2010
What happens if an application gets approved. Offered was accepted. Tenant gave half of the deposit. The day of signing the contract Tenant called letting us know they were canceling the offer. Are we responsible of returning the deposit?
If the prospective tenant did not sign a document acknowledging that thedeposit is non-refundable, then you will probably need to return thedeposit. The best way to accept a deposit in order to hold a property is toalso have the prospective tenant actually sign a lease but to hold the keys
until the tenant brings in the rest of the deposit and first month’s rent.
Travis Oler
About the Author: Bob Cain
Some 30 years ago Bob Cain went to a no-money-down seminar and got the notion that owning rental property would be just the best idea there is for making money. He bought some. Trouble was, what he learned at the seminar didn’t tell him how to make money on his rental property. He went looking for help in the form of a magazine or newsletter about the business. He couldn't find any.
Always ready to jump at a great idea, he decided he could put his speaking and writing skills to work and perform a valuable service for other investors who needed more information about property management. So Bob ferreted out the secrets, tricks and techniques of property management wherever he found them; then he passed them along to other landlords.
For over 25 years now, Bob has been publishing information, giving speeches, putting on seminars and workshops, and consulting for landlords on how to buy, rent and manage property more effectively.
