Hi k***@outlook.com,
Here's the situation regarding your rental property deposit:
Deposit Without LOI: Since you haven't signed a Letter of Intent (LOI) with the tenant, there's no legally binding agreement outlining deposit terms.
Technically:
No Cooling-Off Period: Without an LOI, there's no mandatory cooling-off period for you or the tenant. You could potentially argue that you've changed your mind and decide not to rent to the tenant.
However, there are some considerations:
Potential Dispute: If the tenant wants to proceed with the rental after giving you a deposit, they might dispute your decision to back out. This could lead to a disagreement or even a small claims court case.
Ethical Approach: Taking back your word after accepting a deposit can damage your reputation as a landlord.
Recommendation:
Refund Deposit: The most ethical approach is to refund the deposit to the tenant in full, especially since there's no LOI.
Communicate Clearly: Explain your reasons for backing out and apologize for any inconvenience caused.
Future Reference: For future rentals, consider using a formal Letter of Intent to clearly outline expectations and deposit terms for both parties.
Additional Tips:
Tenant Screening: Implement a thorough tenant screening process to find suitable tenants before accepting deposits.
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From: ABLE Toh- Your Property ASSISTANT ：）
“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”
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