I had a tenant sign 1 year lease 2 weeks ago and received 700 security deposit. This tenant had electric turned on and was to move in today and pay 1st months rent prior to move in. He just informed me that he is not moving in. Do i need to return security deposit or am I entitled to keep it?
1 Answer from Attorneys
Assuming that the lease is well-drafted, you can keep the security deposit. You may also be able to sue for a collect the balance of the rent plus re-rental costs less any amount that you receive once the premises is re-let.
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