Back out of unsigned lease?

[Whitney Leighton]

Hello all,

I found qualified tenants for my rental property here in NM.  I offered them the apartment and when I did not hear back from them I assumed they had found something else so I offered the space to my second-choice prospective tenant. I drew up the lease agreement and sent it over- they are reviewing it and plan to sign tomorrow. 

Now my first-choice prospective tenants have responded and would like to move forward with a lease agreement.

Is it too late for me to back out of the lease I sent to the other folks? It has not been signed yet by either party and no deposit has been paid.

Thanks-

[Theresa Harris]

You offered it to the second people because the first ones didn't respond.  Follow through with the second ones.  If the first ones didn't bother to reply, even to say we're deciding between your home and another, that should raise flag.  With any offer, give them a time limit to decide and sign the lease and give you a non-refundable deposit. Tell them the deposit will be converted to a regular security deposit when they move in.