Apartment Lease & Penalty

[gt_killa]

My friends and I we found an apartment complex that we gonna move in around mid-August. But shits happens and 2 of them don't wanna move in anymore, the other 2 still do, and the complex we found is a lil too expensive for just 3 of us to pay. So we decided to find a new place. But the thing is we already made deposit, we havn't sign any lease paper agreement yet. We did the application online on their website and made electronic deposit there. My question is If we cancel and get our deposit money back, will there be any penalty for us 3? (ie: $$$ for the time it's off the market).

Ps: We enquire about the apartment around June 8th, then made our deposit on the 22nd of June. We didn't sign any lease paper agreement.

[Ksandra]

iirc most states have it that unless otherwise noted, deposits are considered nonrefundable. The point to a deposit is to guarantee the seller that you will be purchasing the product. You can ask them, but i doubt they'll return it.

[Acevalefor]

Think of it as Earnest money. It's probably gone if you gave it to them without signing anything.

[tyven]

the deposit is gone but at least you wont be stuck with an apartment you cant afford for a year. if i were you id make the two that bailed pay you and your friends back.

[zoobernut]

Think of it as Earnest money. It's probably gone if you gave it to them without signing anything.

Agreed. If you ever want a chance at getting money back always sign something that shows you gave them money or get a receipt of some sort otherwise the money is gone.

[Raldo]

... we already made deposit ... will there be any penalty for us 3? (ie: $$$ for the time it's off the market).

Similar to what others have said, but with a different spin...

You shouldn't be getting your deposit back because your lost deposit is the penalty for its time off the market. You shouldn't have to pay any additional penalty though.

[hey]

Either find a new roomate, or demand the two of them pay you back for the lost deposit and take any money you can get out of them.

[ikariiiii]

make your friends pay you back. they put you in a bind

[gt_killa]

Just like you guys said the deposit money is gone. Well most of it anyway, they said the amount that they'll bill us $400 out of the $500 deposit for the time it was off the market (14th to the 22nd).. Le sigh, gonna try to get the other 2 to pay us back for it. Thank you everyone for the inputs.