Security Deposit for rental of Condo

[gemini74]

Hi,

Can someone please advise me what are the steps/procedures for renting a condo unit?

I paid a 1 month deposit for a condo unit and signed the letter of intent and a few days later, the agent tells me that the owner changed his mind. (I wonder if its really the owner or agent)

I was fuming mad becos agent tells me that the owner has the right to reject any offer cos owner has yet to sign the letter of inten, after accepting my deposit!

Does that mean that owners can go around asking for deposits from ALL/INTERESTED parties and then returns them the money after owner chooses a tentant he/she likes???

[joop]

It is not uncommon for tenant to face rejections from landlords after signing the Letter of Intent as the landlord can choose the highest bid, or, most favourable offer.

It might help if you could ask the agent to get a verbal confirmation (at least) about the terms and conditions including price before putting down an offer as that would have more certainty (although no guarantee) that your offer would more likely to be accepted.

You would have more say - should the landlord have signed the letter of intent and backed out, but in your case, he/she hasn't.

Better luck on your next find.

[gemini74]

Thanks for the info.

We overheard the agent talking with the owner to get a verbal confirmation so we thought things will be settled.

But we didn't know that now, owners can go around asking for deposit from every interested parties and then decide who he wants to rent it out to.

We just felt that the agent didn't really do a good job. He was like holding on to us and offered us other units, asking us to have a 2 year lease etc, which all adds up to more money for him.

Guess its the owners market now .... sigh!