What is the name of your state (only U.S. law)? Illinois
Hi, I have signed a lease for 12 months with one month security deposit a week back. But for some family reasons we want to backout from the contract. The owner of the property isn't the owner yet as he bought the property and going through the loan approval process. We agreed to move in after he closes on property which will be 3 weeks from now. Now when we told him that we want to back out, he is claiming to keep half of the security deposit and daily rent until he finds a new tenant after the start date of lease. I'm trying to find if the contract is valid in the first place as he didn't close the loan and didn't get the possession of the property yet. I live in Chicago suburbs any advice on this matter is appreciated. Thanks!
Hi, I have signed a lease for 12 months with one month security deposit a week back. But for some family reasons we want to backout from the contract. The owner of the property isn't the owner yet as he bought the property and going through the loan approval process. We agreed to move in after he closes on property which will be 3 weeks from now. Now when we told him that we want to back out, he is claiming to keep half of the security deposit and daily rent until he finds a new tenant after the start date of lease. I'm trying to find if the contract is valid in the first place as he didn't close the loan and didn't get the possession of the property yet. I live in Chicago suburbs any advice on this matter is appreciated. Thanks!
