I recently signed a letter of intent to rent a property on Jan 19th, but on the 20th...decided to back out of the agreement for various reasons. I did not pay a deposit. However, the landlord is now claiming that I owe first month's rent (deposit) or they are going the treaten to take me to small claims.
Am I obliged to pay that to the landlord? Or, becuase it was a LOI and not a tenancy agreement...am I allowed to walk away?
Let's see here:
1. You signed the LOI.
2. In it, you agreed to pay 1 month rent as deposit and it will be forfeited if you walk away.
Now you decided to walk away and you are asking whether you are liable for the deposit. What kind of lawless place did you come from?