Security Deposit Addendum Without Signing Lease
Description
How to fill out Addendum To Apartment Lease Regarding Security Deposit?
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FAQ
A contract addendum cannot be legally enforced unless both parties fully understand the new terms and agree to them in writing. All parties who signed the original contract must also sign the addendum; if one or more parties are unavailable, they can appoint agents who have the authority to sign on their behalf.
Signatures of all parties, signifying agreement with the addendum. Without signatures, an addendum may not be legally binding.In summary, an addendum allows parties to modify an existing contract in a straightforward manner without having to draft an entirely new agreement.
In theory, a property owner should only retain the amount of a holding deposit equivalent to the actual damages caused by a potential tenant not signing a lease contract. The owner should return the remainder of the deposit to the tenant.
To avoid disputes, the parties may wish to enter into a written agreement. A party must sign the lease in order to be bound by its terms.
The lease should also be signed by all occupants who are adults, and state whether there is a security deposit and how it may be utilized. It should also state whether the tenant may sublease the apartment.
