In the scenario where the Letter of Intent (LOI) indicated that all terms and the Tenancy Agreement (TA) have to be completed within 7 days, but the landlord only signed the TA on the 9th day, the LOI has technically lapsed. Given this lapse, you have a valid argument for not proceeding with the TA and requesting the return of your deposit. Here’s a breakdown of the situation and your position:
Understanding the LOI and TA Process
Letter of Intent (LOI):
The LOI typically outlines the main terms of the rental agreement and includes a deadline by which the TA must be signed.
It often includes an initial deposit, usually called the "good faith deposit" or "booking deposit."
Tenancy Agreement (TA):
The TA is the detailed contract that finalizes the rental terms and conditions.
Both the tenant and landlord must sign the TA within the period specified in the LOI for it to be valid.
Your Situation
LOI Terms:
The LOI stated that all terms and the TA must be completed within 7 days from the date of the LOI.
You signed the TA within the specified period, but the landlord signed it on the 9th day, beyond the 7-day limit.
Lapse of LOI:
Since the landlord did not sign the TA within the 7-day period, the LOI has technically lapsed.
This lapse means that the agreement as outlined in the LOI was not fulfilled within the agreed timeline.
Your Rights and the Deposit
Right to Withdraw:
Given that the LOI has lapsed, you have the right to withdraw from proceeding with the TA based on the fact that the conditions set in the LOI were not met within the specified timeframe.
Return of Deposit:
You should be entitled to a return of your deposit because the landlord's failure to sign the TA within the agreed period constitutes a breach of the LOI terms.
The good faith deposit is typically refundable if the TA is not signed within the stipulated time due to either party not meeting the conditions.
Steps to Take
Communicate with the Landlord:
Clearly inform the landlord in writing that you consider the LOI to have lapsed and that you are not proceeding with the TA due to the delay in signing.
Request the return of your deposit, citing the specific terms of the LOI that were not met.
Legal Consultation:
If the landlord refuses to return your deposit, you may want to seek legal advice to understand your options better and potentially take further action.
A legal professional can provide guidance on how to formally demand the return of your deposit and advise on any additional steps.
Documentation:
Ensure you have all documentation related to the LOI and TA, including emails and messages that document the timeline and communications between you and the landlord.
By adhering to the terms set out in the LOI and acting within your rights, you should be able to justify the return of your deposit given the landlord's delay in signing the TA>> FOR OTHER TERMS IN LOI >> PLS READ THROUGH CAREFULLY >> U MAY PM ME >> I SEE IF I CAN ASSIST YOU LOOK AT OVERALL TERMS AND FIND OUT MORE DETAILS THAT IS IMPORTANT FOR YOUR INTENTION :) >> PM ME WITH THIS PRINTSCREEN
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