In addition, Tenant’s lease break and lease break penalty will in no way release the Tenant of Tenant’s obligation to pay rent under the terms of the Lease until the premises is re-rented or the Lease expires, whichever may come first. 

Ronny Tiburcio In most cases, a bank will place an "expiration date" on a pre-approval after they issue it to a potential borrower.

So if their rent was $500, you let them know their policy expired, we've added the charge, they only pay $500, you then send them a late notice with $20 still due on rent and $50 late fee.  

Hope it doesn't expire!

It's not uncommon to go month to month after your lease has expired.

I am seriously considering trying to get myself a townhouse or condo next year when my lease expires though.

If you simply did this thru email, your agent, whatever, AND let your inspection contingency expire, you'll likely lose your EM but I wouldn't expect the bank could or would pursue anything further.  

and I heard nothing from the seller for the next 24 hours... even after my offer expired with no accept or decline.

You will be able to customize your Tenants files, so you can see how much of a Security Deposit they gave you at a glance, what their rent is at a glance, when their lease expires, at a glance, and so much more.You will be able to put your money into escrow accounts or security deposits into an Other Current Liability Account, which keeps track of what tenant paid what for a Security Deposit as well. 

I'm starting to understand now.....and water damage is exactly what I want to protect against as it would have been helpful in a recent lease that has expired.