Tenant decides to not move in right before move-in date in New Jersey Rental!

[Ali Jafri]

I own a rental property in Cherry Hill, NJ. I found a tenant who signed the lease and paid security deposit. A day before the move-in date, they are backing out. Can i keep the security deposit? I held the property for them for 3 weeks!

[Tim Baldwin]

It depends on the terms and conditions of your application (hopefully you presented a formal offer to lease that provided for forfeiture of deposit if the tenant failed to take possession). It also depends on your state laws in regards to how to treat the deposit. I agree with @Christian Styles; consult a landlord attorney in your state.