How can I get my deposit back if less than 24 hours of signing contract I told the landlords that I can’t come up with the first month’s rent?

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How can I get my deposit back if less than 24 hours of signing contract I told the landlords that I can’t come up with the first month’s rent?

I had given a person $400 to hold the apartment 3 hours later i sent them a text message saying I am unable to move. They said that I didn’t give them any money for the rent or rest of the

deposit and that the $400 was to only to hold the apartment.

Asked on August 19, 2016 under Real Estate Law, Idaho

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

A deposit is not refundable at law if the person making the deposit is the one who pulls out of the contract or transaction--while they could choose to return it, they are not required to do so. The whole point of a deposit is to make it worthwhile for them to hold the unit for you, by assuring them of some payment if you pull out; and to encourage you to go through with the rental, because you have something to lose. They do no need to return this money. When the person placing the deposit does not complete the transaction, the other party gets to keep the deposit.


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