Do I have the right to keep the security deposit if our tenants broke their contract. Our lease agreement was two and a half year. They only stayed for a year. They said We don,t have the right because it was not in the contract. The are threatening us to take us to court. Thanks
Country relating to Question: United States
State (if USA): Arizona
we offered them half of the deposit just to settle with them
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good evening. Your tenants are liable through the end of their lease term subject to your duty to mitigate by using reasonable efforts to re-lease the property. Once you re-lease the property, then the tenants are off the hook for rent attributable to the period after the property is re-leased. But, you can keep all or any portion of the deposit to cover either damages or lost rent until the property is re-leased.
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I am confused. I thought the reason why one requires a deposit is to cover themselves. I did re-lease it right away but I had to pay a leasing agent and travel expenses since we live in a different state.
You may also retain it for the costs of re-leasing so that you are not out of pocket any money due to their default.
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