Legal Question in Landlord & Tenant Law in Virginia
Lease and securit deposit.
We recently rented a property in Virginia with an option to buy. There was no intial deposit. We paid the first months rent the day we moved in. In the lease we have up to 24 months before we must buy the house. We pay 1400 a month, 1000 was going towards equity. In the lease if we broke it no money would be returned, but if they broke it 40% of the equity would be returned. The owners are now breaking the contract, becuase they are moving back to the area and we do not want to buy so soon and were waiting for the 24 month period as alloted. They gave us 60 days notice and are now claiming they will give us the 40% after we leave and an inspection has been made. There is no mention of equity being used as a security deposit or of any inspection needing to be made. We have had professional painters paint with verbal permission. I am concerned that they are now going to keep our equity money. They are refusing to give it to us on the day we move. Do we have any legal right to claim that money the day we move? Can they turn that equity into a security deposit without notice in the original lease?? The money they are now holding needs to be used for a new deposit, moving expenses and such.
1 Answer from Attorneys
Re: Lease and securit deposit.
What constitutes a breach, how much notice is required, how long the landlord has to return the "equity" may be provided for in the Agreement. You do not say how long you have been paying the rent. Absent any agreement to the contrary, a security deposit of more than 2800 (two months of full rent) may not be reasonable. Please consider having the lease reviewed by an attorney.
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