I have taken a security deposit from a prospective renter of my rental property in Colorado. I gave him a free week in good faith and he moved in. On the day of the lease signing one week later he said the house he was purchasing was nearer completion than he thought and he didn't want to move in and sign a 12 month lease.

In the meantime I turned away another renter with a deposit and was left with an empty property. Can I keep the security deposit? Nothing signed.

Hello Pen:

I suggest you become familiar with your states landlord/tenant laws. You can find a copy right here on this forum at the top on a "sticky note". You wouldn't play poker without knowing the rules, would you?

excon

He is obligated for a full month rent, so you withhold a months rental, at least that is what I would do here.

He took possession so he owes you min 30 days written notice... if you want to be a GOOD landlord, learn your state L-T laws and follow proper leasing procedures... get application, quality applicant, take money, they sign lease THEN you give them keys and they move in... you had the process a little backward.