I just dropped down my non-refundable security deposit, and I unfortunately need to cancel that deal and get the deposit back. What should I do?

Asked by Jammy Su, New York, NY Sat May 26, 2012

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Jenet Levy’s answer
Jenet Levy, Agent, New York, NY
Sat May 26, 2012
Jammy Su,
Getting a "non-refundable" deposit back is hard since it is, well, non-refundable. The purpose of a deposit is so that they hold the rental for you. If they really didn't lose anything because they had back-up applications, they might opt to be nice and return it to you. However, they are under no obligation to do so.
2 votes
Janet Nation,…, Agent, Baldwin, NY
Sat May 26, 2012
I don't think you have a leg to stand on unless the owner decides to return it to you from the goodness of his or her heart.
1 vote
Veronika Baba, Agent, NY,
Sat May 26, 2012
If the deposit is nonrefundable and you decide to cancel the deal, then you can expect go get you deposit buck. It is nonrefundable. The nonrefundable deposit has the purpose to secure that you wont cancel the deal.
1 vote
Elena Ravich,…, Agent, New York City, NY
Sat May 26, 2012
That will be tough! You have to get the management company on your side and explain why you have to cansel, so that they help you to convince the owner to give it back. You may also put all your reasons in writing and give them a letter that they can forward to the owner. I assume the reasons are very compelling like a job offer has been cancelled or something else beyond your control that they may relate to. Otherwise, non-refundable deposit does not have to be refunded. You may also try that that they are in business of renting apartments and not collecting deposits and that they should be able to find another tenant quickly in this market.
1 vote
Joseph Hasti…, Agent, Bayside, NY
Sat May 26, 2012
Jammy, if the non-refundable aspect is actually a clause in print, you're out of gas. As to what you should do? Chalk it up to a hasty decision and move forward. Good luck.
0 votes
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