When sharing an apartment with a friend, be sure you understand the risks in case the living situation does not work out. Often, renters mistakenly believe they can move out whenever they want, choose another renter to take their place, and get their security deposit back immediately.
 
          However, a rental agreement is a binding contract. You and your roommate are equally responsible for meeting all terms and conditions. If you decide to move out before the end of the tenancy, you remain legally responsible for the rent. If any portion is unpaid, both you and your roommate may be subject to legal action.
 
          Even though someone you know is willing to take your place, the property manager makes the final decision. The manager should follow the normal application process, which includes reviewing credit and rental histories.
 
          If your roommate stays after you move out, the manager may retain the entire security deposit, including your share of it, until the tenancy ends. Your best bet is to work with your manager, former roommate and any new roommate to remove your name from all rental documents and obtain your share of the security deposit.

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