Obligated to hold a Property after a security deposit ?
I agreed in writing to accept a security deposit to hold a property. No lease or rental agreement was signed between myself and the prospective renter. I have now decided to rent the property to someone else who is more ready to rent the property. Thus, I canceled my original agreement to hold the property and have offered the prospective renter to refund his full deposit. The prospective renter is now threatening to take this matter to court unless I compensate his loss by returning his original security deposit plus an additional amount that is the same as his original deposit for the damages. What are my legal rights?
Re: Obligated to hold a Property after a security deposit ?
Did you have a written agreement to hold the apartment? What did it say?
The prospective renter would have to show that you agreed to hold the property for him, that you failed to do so, and that he suffered damages. If other similar apartments are available in the same area for the same rent, he will have a tough time to show damages.
Martin Snitow
Martin S. Snitow Law Corporation
PO Box 90278
San Jose, CA 95109-3278
Re: Obligated to hold a Property after a security deposit ?
Usually a deposit is to hold the property. If it was not then you are clear but it will be a matter of believability if there was not documentation.
Joel Selik
http://www.4thelaw.com
Joel Selik
http://www.SelikLaw.com
Box 1448
San Diego And Las Vegas, CA 92079