Hoping someone can help! I cancelled with individual today and they are stating my deposit is non-refundable in Arizona. Some research has me thinking otherwise, any thoughts, thanks!

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The purpose of all nonrefundable fees or deposits shall be stated in writing by the landlord. Any fee or deposit not designated as nonrefundable shall be refundable. If "yes," you're probably out of luck. If "no," then it would be refundable. Again, I'm not a lawyer, so this isn't legal advice.

If I were the landlord, I'd certainly want to keep your money.

The security deposit was designed to protect the landlord in case you defaulted. And my guess is that the landlord figured he'd keep advertising the place until you paid the full security deposit; he wasn't sure that you'd follow through. Still, the law is the law.

If I list the property "for sale" will I loose what she owes for breaking the lease early? Move out notice in PA. Landlord requirement vs law. Landlord gave less thnweek notice due to mold she won't say what kind of mold, but can she do that?

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Earnest Money? Security Deposit? Help please

Email me when other answers are added. Share post on Facebook. Best Answer Selected Once you select this as the best answer, it cannot be changed. The earnest deposit is to take the property off the market and secure it for the interested party. If the party changes their mind and decides not to move in on the agreed date then the owner would keep the earnest deposit. If the owner takes the earnest deposit and decides not forex millionaires robot take the property off the simplify the stock market crash of 1929 or changes their mind all together then the renter is expected to recieve a full refund.

Binary options blog oleg, laws differ from state to state and this is the law in Arizona online forex broker indian this manner. Hope this helps, I' am in Law school, and hope to be a lawyer one day!

Earnest Money

I think you've been had by the old for rent I don't own craigslist scam. In real estate, earnest deposit and a security deposit are two different things.

Security Deposit - That is for the security of earnest money security deposit property. It is monetary compensation for any damages to the property above normal wear and tear plus cleaning fees.

It may also be used if the tenant didn't how to make money with google adsense step by step guide pdf any final bills associated to the home that may carry over to a new tenant such as a water bill or sewage.

There are many different things a security deposit can be used for and it depends on the state in which you live as to exactly what the security deposit can be applied to. Certain portions of this are non refundable. Chart stock market crash Deposits or Earnest Money - This is a form of payment made in earnest. Or, this is a payment made to show seriousness or good faith effort on the part of the tenant or purchaser to obtain a rental or home; and can also be used to show payment of rent in home repair disputes.

If the money is being held until background checks are being done, how to make money selling peanut brittle the landlord has up to 3 business days after those checks to either return the money to the tenant or put that money towards the security deposit or first month's rent. Thumb for the helpful link wordsmith. Since the agreement is not in writing I think the AZ law section "B.

The landlord does not unilaterally get to decide the deposit is "nonrefundable" after the fact. I sure would be lining up to enforce section E "If the landlord fails to comply with subsection D of this section the tenant may recover the property and money due the tenant together with damages in an amount equal to twice the amount wrongfully withheld.

Then again neither am I. But you have certainly jumped to a lot of conclusions. Mrrar, "Time is of the essence" is a basic legal tenet. So it could be argued that because they did not give you the lease in a timely fashion, THEY are the ones who defaulted and, possibly, acted in bad faith by collecting your deposit in the first place.

To contradict worsmth, taking your money this way is just stealing, and very mean-spirited to say the least.

Difference Between Earnest Money and Security Deposit

Write the landlord and ask for your deposit back, or for the lease. While waiting for a response, go talk to an attorney. No matter what happened, you are entitled to your money back. You don't know that this isn't some kind of scam. I'm not a lawyer, so this isn't legal advice. However, here's the law: A landlord shall not demand or receive security, however denominated, including, but not limited to, prepaid rent in an amount or value in excess of one and one-half month's rent.

This subsection does not prohibit a tenant from voluntarily paying more than one and one-half month's rent in advance. The purpose of an earnest money deposit is to protect the seller or landlord from the a buyer or tenant cancelling and walking away.

So if you cancelled the deal they would normally have a right to keep your earnest money. I think we are missing part of the story. Why did you cancel? If so, what was the response? What part of this situation makes you think you should be entitled to a refund? Note this is probably not something we, on the internet, can accurately answer. Related Questions If I list the property "for sale" will I loose what she owes for breaking the lease early?

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