Question I applied for an apartment and before getting approved I paid 700$ for them to hold it, I won't have enough for the rest of the deposit by the time I'm suppose to move in so will they just give the money back if I can't get the money?
Answer Hi and thanks for your question! Please note this updated answer, revised for clarity: I hate to be the bearer of bad news, but just reading this, it looks like you might have signed a lease and given a first month's rent as a deposit. Leases contain a beginning date. If you signed a lease, that's a binding contract between you and the landlord, probably for a term of one year. But you may have a way out of that contract, and it'll likely cost you that $700 and possibly a month's rent. Leases usually have a 30-day cancellation notice clause in them. For example, if you get a job offer in another city, you'd need to give notice to break your lease. I broke a lease two years ago when I moved halfway across the country.. I gave an exact date I'd be out and I began moving my stuff out bit by bit. As long as none of your possessions are in the space and you have no keys to the space, you don't occupy the space. So you could send a letter dated today saying you plan to no longer occupy the space as of 30 days from date of the letter. At most, because you can't move out before you have possession of the space, assuming the cancellation term is 30 dsys, a standard assumption in real estate is that one month is 30 days, you'll have to pay that month of rent. You will likely lose that deposit. This is an opinion based more than twenty years in commercial real estate in property managemt, including ten years an agent for owner. But a lease is a lease, a property is a property, regardless of commercial or residential. This should not be construed as legal advice. If you believe you have a legal issue, you should connect an attorney in your area who's familiar with landlord - tenants laws where you live.
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I have several years of experience in commercial property management, particularly in tenant retention but also in day-to-day tenant relations and service. Tenant relations and property management are the same whether residential or commercial--everyone takes he same licensing classes. It's the practical work experience that differentiates the two. I can answer questions relating to general topics but by law, because I was formerly licensed as a Real Estate Salesperson by The Missouri Real Estate Commission (2005-2014), I cannot give legal advice and as per Items #4 and #5 of the AllExperts User Agreement, and my answers may not be construed as such.
I began my career in property management with the residence hall operations at a large state university. I worked with everything that had to do with the tenants (students), from directly managing front desk operations to working behind-the-scenes with support staff. Professionally, for over six years, I was a member of a property management team which managed dozens of commercial and residential properties in Downtown Washington, DC; Arlington, Virginia; and Bethesda, Maryland. I also have an additional ten years of experience as a management agent for an absentee owner in Saint Louis, Missouri. I retired early in 2014 and I now live in Florida, which has provided me the experience of interaction with Homeowners' Associations (HOAs). Some of my Answers have reflected this experience.
Organizations Former member, Washington Area Concierge Association (WACA), Washington, DC
Former member, St. Louis Association of REALTORS.
Education/Credentials BA Speech Communication, University of Maryland, 1993
Graduate of American School of Real Estate, St. Louis, Missouri, 2005
Certified Property Management Specialist (CPS), 2010
Successful completion of Continuing Education courses in Ethics, Diversity