Hi:
My Tenant Mr. B.P. Swamy Raj, S/O Mr. Basavaraj, aged about 35 years, mobile number 9886319029, approached me for taking on lease a single bedroom portion in our building for 250000/- (Two Lakh Fifty Thousand Only). He has paid 225000/- (Two Lakh Twenty Five Thousand Only) and has to pay a balance amount of 25000/- (Twenty Five Thousand Only) which he has refused to pay, which I insisted to pay before occupancy. The tenant, however, has not occupied the house and not paid the balance amount and demanding immediate refund of the entire 225000/- (Two Lakh Twenty Five Thousand) overnight.
I have spent that amount for vacating the existing tenant, color wash, and repair. Now I am not able to refund his deposit overnight. Mr. Swamy Raj has signed a lease agreement which clearly states that he has to serve 90-day written notice before termination of lease agreement. He informend me on February 6 at 8:30 p.m. that he is not interest to come to that house wants refund of entire 225000/- on February 7 before 10:00 a.m. (Less than 24 hours) or else face dire consequences.
Please guide me, how do I handle this tenant. I am not able to refund his deposit until I find another tenant or need time to arrange funds.
Regards,
Saravanan
9343368312
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