Michigan  |  Real Estate Law

Legal Question

Asked on: 6/14/13, 9:54 am

I signed a commercial lease and gave a $7800 security deposit money to our broker. He tells me to check with my contractors to make sure the costs to start the business won't be too much for me to handle before we finalize the lease with the owners signature. I checked, and found out that prices are too high and I need to back out. The owners now want to keep $2000 because they said they had to turn prospective tenants away for the past few weeks.

Can the owners keep my money when we never finalized the lease with the owners signature?

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