Will I lose my deposit if I move out early?

Will I lose my deposit if I move out early?

No , you can vacate the flat before completion of an 11-month rent agreement But you should give notice in advance.
Complete security deposit is definitely refundable to you. But you should keep following things done correctly .

If you intend to vacate or asked to evict by property owner. Follow the notice period clause in rent agreement. A notice period is usually between 1–3 months. Both owner and tenant should follow the notice period described in rent agreement.

As a tenant, intend to vacate without notice due to reasons like job change, transfer, job loss, medical emergency. Can convey such reason to property owner for immediate termination. Most property owners likely to refuse reason and asked to stay till the notice period completes or asked to observe the financial loss of notice period. Financial loss is between 1–3month rent, as per the notice period mentioned in rent agreement.

Then property owner likely to demand another one month rent for renovation of painting and cleaning apart from the financial loss of notice period.

At the time of vacating, most tenants are reluctant to spend or no funds to do renovate. In this situation, you should demand part security deposit from property owner. Use this fund for renovation.

Before you vacate the property, discuss the deposit refund figure with property owner. Be specific and discuss the exact figure rather being general response from property owner.

If you have trust issue with property owner, never ever hand back the property key until you get back your security deposit or at least part of the security deposit.

If you are shifting to outstation, collect back the complete security deposit on or before you leave the city because its tedious job to followup with owner once move out from city. Few property owners take advantage of your geographical constrain, hence they delay in refund or demand high amount for repair and renovation.

Once again let me remind you, you should issue notice in advance as per agreement. Doesn’t matter if you intend to vacate within or out of 11 months. Notice period matters a lot.

You should give notice to the landlord as per the terms mentioned in the agreement if you have provided the termination clause which provides for notice and can also get the deposit back; or

You are paying the rent or getting it deducted from deposit for the period of notice or lock-in period in case one wants to leave the property immediately and can take the balance deposit back if any; or

You should making the landlord agree for, you to leave the property, to terminate the rent agreement before time without any notice or extra payment and to repay the deposit back whether there is any termination clause present or not in agreement.

You can paying the landlord rent for remainder period of rent agreement in case if he does not agree for you to leave the property early and there is no clause which provides for termination of tenancy by tenant prior to the fixed tenancy term in agreement.

Sometimes people in this case, instead of cancelling the tenancy immediately by paying the rent for the left period when they no longer need the use of property, sub- let the property of the owner to other persons for the left period which if not allowed by the agreement is prohibited by law and can lead to penalty.

Usually people include a term of 15 day, 1 month or 2 month notice to the landlord or tenant before the termination of tenancy either by tenant or landlord respectively. So, in your case, it is better to go through the terms of agreements first to know whether there is any clause in agreement which mentions the terms and circumstances in which you as a tenant can terminate the tenancy.

However, rent laws ussually vary from state to state so you better consult local lawyer before finalising anything.

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