Our partner, Jonathan H. Newman, was quoted in yesterday's New York Times responding to a reader's question.
Here's the piece, that ran on Sunday, March 6, 2011, in its entirety:
Backing Out of a Lease
Q I recently signed a lease and sent in my first month's rent and security deposit. I haven't moved in yet, but I would now like to get out of the lease. Is it possible to recoup my rent and security deposit?
A According to Jonathan H. Newman, a Manhattan real estate lawyer, "It's a matter of timing." If the landlord signs and returns the lease, Mr. Newman said, it becomes binding on both parties and the tenant could be legally obliged to pay the rent for the entire lease term, even if he doesn't move in. But if the tenant notifies the landlord that he is withdrawing his rental offer before the landlord signs and returns the lease, the tenant could be entitled to the return of the security deposit and any rent paid in advance. "It is always best to put notices like these in writing," Mr. Newman said.