Change their mind!!!
It hasn't happened to me - but- what happens if it does? You've collected the first months rent and deposit, done all the paperwork and 0 they don't wnat to move in after all!
I found this on the Upad forum:
If the tenant changes their mind and doesn’t take the property, you must grant a holding deposit refund and return their holding deposit minus any costs you’ve incurred on their behalf and any loss of rent you’ve suffered as a result of their action.
Unless you ask a tenant to pay separately for credit checks, you can deduct the cost of these from the holding deposit along with the cost of preparing a tenancy agreement, inventory and check-in report if they decide to back out of deal.
If the tenant changes their mind shortly before they’re due to move in and you’re left with a void as a result, you can also deduct the cost of the lost rent from the tenants deposit.
Want to read more?
This is a members only forum, if you want to read more you need to login to your membership, if you are not a member, click here to join.