Rental Basics in San Antonio>Question Details

Crohrer1012, Renter in San Antonio, TX

I have sent an "earnest deposit" to hold a rental property in which I am interested. If the landlord backs out, does he simply return my

Asked by Crohrer1012, San Antonio, TX Tue May 4, 2010

earnest payment and give the appartment to someone else? Does it just mean they agree not to show the property? If they back out, do I simply get the return of my money?

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Usually in San Antonio, we do an application fee until your credit is checked and you have been approved. There really isn't an " Earnest Deposit" but you may have gone ahead and made a security deposit. If your application is denied, then the security deposit should be returned to you. The application fee covers the cost of the credit check and administrative coststs and that portion is not returned. The application fee is usually less than $100. and the security deposit can vary, but in most cases it is close to the same as one months rent. The property manager or landlord will usually continue to show the property until a tenant has been approved and accepted. It sounds like you did an application and not a full blown lease agreement. Take a look at your paperwork, if you have an agent or if the property manager did it all, ask for a copy if they did not give you one and see what you signed. It should all be spelled out there for you. Even in rentals, it is worth your while to have a buyer/tenant agent representing you. It doesn't cost you anything, and could save you a ton of worry. Good Luck!
0 votes Thank Flag Link Sun Oct 24, 2010
Depends--are you certain that the person who has your deposit is in fact the owner--if needed, can you provide proof of submitted funds, was it a verbal agreement, or do you have something in writing, etc. Otherwise, if all is above board, yes, if you decide not to move forward with the rental, your deposit should be returned--
0 votes Thank Flag Link Tue May 4, 2010
When you gave the deposit, you should have signed an agrement that spells out how the money will be applied if you rent it or if the agreement is cancelled. Read that agreement.

The right thing for the landlord to do is to give you the money back but if you didn't sign anything, I don't think he is obligated to.

Naima
0 votes Thank Flag Link Tue May 4, 2010
Dear Renter,

If he/she changes their mind in renting to you they should return your security deposit but the earnest money is taken in order for the renter to have the reasonable time to sign a lease agreement and the landlord to pull the rental of the market. But keep in mind this security deposit can be held for a reasonable time until you move in. By this I mean if you place a security deposit today the landlord is not going to wait over a month for you to sign a lease contract. Best of luck.
0 votes Thank Flag Link Tue May 4, 2010
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