Legal Question in Real Estate Law in Georgia
I moved into an apartment that was advertised for a certain amount. After viewing the property, getting excited about the place and deciding to move in, I was told at the lease signing that the rent was what it was because a concession has been applied and I needed to agree to it for 13 months which I did, not knowing that 9 months in, it would become necessary for me to terminate the lease. I was notified by management that in order to terminate the contract, concession fees for the previous 9 months would have to be paid back. Under normal concession situation, no problem - as it's typically done, 1 or 2 months rent broken up over the rental period. This concession is taken off of every month and would equal ~$6000 and that is not including the other fees such as a month's rent at market rate. I want to know if there are guidelines for how much concessions apartments are allowed to grant and if they are required to verify how their Market Rent is calculated? I am 100% sure they could never rent an apartment in this area for what they are supposedly conceding from, especially considering that there are quite a few vacancies at the moment.
2 Answers from Attorneys
The "guidelines" are found in your lease, which you willingly agreed to when you signed (whether or not you actually thought or planned ahead).
The fees are whatever you agreed to in your lease, and you are bound by that. There are no do-overs with contracts. You don't get to decide, any more than they do, after the fact, if something is "fair."
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