Re: Application Deposit - Landlord Forum thread 356387

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

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

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Re: Application Deposit by Anonymous on March 7, 2018 @06:43	[ Reply ]

Thans Gary!

Re: Application Deposit by Anonymous on March 7, 2018 @08:00	[ Reply ]

Also, Gary, I did how often they've listed and relisted the home for sale just since November, well actually since Oct 2015, so I will try to find out what the intent is beyond a year if possible.

Re: Application Deposit by Garry (Iowa) on March 7, 2018 @09:29	[ Reply ]

Unless you feel this place is an exceptional one in your mind, and just nothing out there compares to it, then you should pass it by, and keep looking. If the owners have had it on and off the market several times, then they are definitely intent on selling it. If they decide to lower their price to finally get it sold, guess what? You will be possibly having to let a lot of prospective buyers in to view the home. And usually most leases state that you as the tenant must allow that to happen, if you are given a 24-48 hour notice, and showings are during normal working hours of 9-5. If you are uncomfortable with those intrusions, I would suggest you find another place to rent.