Application Deposit - Landlord Forum thread 356385

Application Deposit by Anonymous on March 6, 2018 @20:04

Once I do an application and I am approved, can I cancel the deal? I realize I would loose the application fee but that's ok. I see from looking at public records the owner is looking to sell the property so if I move in, I guess they could potentially sell after a year lease and I would be in the same situation.

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Re: Application Deposit by Garry (Iowa) on March 6, 2018 @21:39	[ Reply ]

You don't have any "deal", unless you actually signed a LEASE, after your application was approved. Did you? Signing the application, and paying a fee for the LL to check out your background, does NOT commit you to anything. Signing a lease, and giving money towards a deposit (even if it's only $1,) seals the "deal". You are then obligated to whatever the lease says, as long as it conforms to your state LL/T laws. Your LL can sell the property that you are living in, at any time. If they do, and you still have several months left on your original lease, the new owners must allow you to finish the lease. OR, if the new owners want to move in to the place you are renting, they can BUY you out of the remaining months, ONLY if you accept the buyout offer. You do not have to. You can stay the remaining months in your place, and they can't do a thing about it. The new owners must honor all terms of the lease, just as you do. If they buy it as an investment property, they may wish to keep you after the lease is up, or you may wish to leave at that time. It's up to both parties what they want to do at that time. Good Luck

Re: Application Deposit