What is my right to keep good faith rental money?

I have a rental property and a lady gave good faith money for me to hold a property. Now she has backed out and wants the money back. I held the property for 3 months losing $3,200 in rent and at least 2 prospective renters, plus I still had to make the mortgage payments. Do I have to return the money?

Asked on July 5, 2012 under Real Estate Law, Pennsylvania

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

I am confused as to what the money was for here.  Did she give a deposit on the apartment or did she pay you three months rent?  How the money is termed will determine your ability to keep it.  If it was not a month to month tenancy thatshe paid for up front why would you hold it and lost out on prospective renters?  I would discuss the matter with ana ttorney in your aera.  Good luck.


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