I've been thinking this weekend about something I heard someone say about the cost of something over time.It was something about purchasing a home with a mortgage, and having the total amount of money paid for that home over the life of the mortgage equal to more than 2.5 TIMES the so-called purchase price.This is a fundamental (and common) mistake about how money works.That's like saying that the dinner with my spouse didn't cost $100, but $2,000 because if I invested that money at 10% annually, compounded monthly for 30 years, it would be worth $2,000.While it's true that spending money now that isn't necessary, means the forfeiting of some larger value in the future.

If you don't show up, you just forfeited your 5% deposit.  

As for simply just forfeiting your deposit, I find it unlikely there would be any type of contempt charges.

If he just decides to leave, that will result in the deposit being forfeited and nonpayment which will result in an eviction.

I have been able to contact the tenant and he sent an email that he has forfeited his right to the property and all of his belongs as of today. 

My policy says they will forfeit all deposited funds and the lease is terminated if they fail to take possession on the agreed date.You should also develop a policy for the security deposit payment.

Building an ADU in my backyard seems like the best case scenario - i don't have to kick out my tenants (or forfeit their rent), my property increases in value, my parents get a nice space to live in, my parents could afford the cost of a monthly mortgage, and I'm increasing housing density in a city that needs it.

The earnest money is nothing more than a token of good faith that you'll hold up your end of the bargain lest you forfeit the funds.

It clearly states we the privilege to walk away and not forfeit any money on a appraisal lower than the contract amount.

The young lady notified us today that she will be breaking the lease and moving out in February as she can no longer afford the place and the boyfriend has moved out and is not contributing.They both signed the lease, they wouldn't have gotten the place otherwise.She said she will pay the February rent but then she is moving out, so now the letter will go.It will inform them they are both that they are still on the hook for the rent until new tenants are found and their security deposit will also be forfeited, a clause in their lease for this very reason.Chalk up another problem with first time young couples.