Backing Out of Lease Before Move-In Date
My question involves landlord-tenant law in the State of: Illinois
Hi everyone,
So I've had a change of plans with my schooling choice and am looking to see if it would be possible to back out of my lease before it starts.
I've signed the lease but I haven't given the landlord a security deposit yet or the first months rent. I was thinking this might fall along the lines of "lack of consideration". The landlord hasn't received any money for rent yet or security deposit so therefore has no reason to provide an apartment.
Let me know if this logic of thinking is valid, "consideration" always confuses me.
Re: Backing Out of Lease Before Move-In Date
You became bound by the lease terms the moment you signed it. Validity of the contract is not contingent upon you paying the security deposit.
Re: Backing Out of Lease Before Move-In Date
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naudia4
My question involves landlord-tenant law in the State of: Illinois
Hi everyone,
So I've had a change of plans with my schooling choice and am looking to see if it would be possible to back out of my lease before it starts.
I've signed the lease but I haven't given the landlord a security deposit yet or the first months rent. I was thinking this might fall along the lines of "lack of consideration". The landlord hasn't received any money for rent yet or security deposit so therefore has no reason to provide an apartment.
Let me know if this logic of thinking is valid, "consideration" always confuses me.
As with any legally binding agreement, it is enforceable the moment you sign it, however, because they have no money yet, it would be a giant pain in the butt for them to come after you and get the money. It is much easier for them to scratch this up and get a new tenant, BUT it's more work for them, so they may not do it... depends on the individual. I would ask them.
Re: Backing Out of Lease Before Move-In Date
Your best bet is to talk to the landlord to see if they would be willing to allow you to dissolve the lease without penalty, which may not be too difficult if you have yet to turn over any money to them. Otherwise, even if you never move into the unit you could still be evicted for nonpayment of rent or failure to comply with the terms of the lease (providing your security deposit), which would remain on your credit report and in public records for as much as 10 years.