[hl0m4n]

my friend came from over seas and is looking for a place to rent. long story short, after looking for 2 weeks he found a place and signed the lease papers today.

shortly after he found out that a previous rental he wanted opened up and wants to check it out. so now he is worried he is already signed onto the property?

he told me the contract stated it would be legal in 3 days and you can cancel with an attorney. now if my friend checks out the place tom and decides to back out, can he simply call the realtor he is out and found a new place?

[Seminole]

You'll have to search the laws in whatever state it is in (just do a search for tenant rental laws in XX state) and read what it says. In FL you can cancel a lease without an attorney within three days of signing the lease. I haven't heard about needing a lawyer before, but that might be a requirement in whatever state your friend is leasing.

[ideliver]

how would your friend feel if the tables were turned...landlord came to him and cancelled the contract becuase a better tenant wanted the place after he signed the contract...

Contracts have meanings and are there for a reason....

That being said...most landlords would allow him to back out...but will keep the security deposit

[Templar]

If he already signed the actual lease agreement, then chances are he is locked in the lease for the entire time. Depending on how strict the landlord is, they might let him go with just losing his security deposit, or they might say he needs to continue to pay for the entire duration of the lease. I've seen it both ways.

I've also lost some money once due to a similar situation. I found a great place to rent and didn't want to lose it so I gave the property manager a fee to hold the place and take it off the market. Then I found a better place that I actually wanted to buy (it was for sale) and backed out. Luckily I didn't sign the lease, but I lost the fee I paid.

[hl0m4n]

thanks for the info guys. my friend signed the lease yesterday and he has not moved in yet as that is on the 5th of september. also he has not made any payments for deposit, etc.

i feel the realtor "rushed" my friend. he is fob and i went to all showings with him, etc and when he went by himself once he ended up signing papers and i was speechless.

i told him to get back to the realtor wed afternoon after we check out the other place that opened up but now i guess he is locked to this place...

[ideliver]

if he hasn't paid any money...he's fine...no landlord wants a tenant that doesn't want to be there...it only turns into a headache...

i've got rentals...i let ppl out all of the time...its not worth the hassle

[MrRoboto]

If no money has been exchanged in the form of a deposit the contract is not valid.

[Seminole]

Regardless of any money exchanged/rent paid/deposit/etc., in FL you have 72 hours to cancel the lease and receive your money back (http://myfloridalegal.com/pages.nsf/...c!OpenDocument). I can't speak for other States, which is why you should look at your specific state.

[Bobble]

Originally Posted by MrRoboto

If no money has been exchanged in the form of a deposit the contract is not valid.

Not entirely true. On my 2 rentals it clearly stipulates in the lease agreement that upon signing you are held liable for fees incurred to execute the contract or deposits whether paid or not, this includes any verfication of income or searches done.
I use a property manager and she is a wicked hag and lets no one run free and makes sure the rent is collected on time. I've let one person off the hook once with only asking for compensation in what she (property manager) would pass to to me as fees. I've never held their deposits but she would if I let her. She's well worth her commission on each lease agreement as i never deal with the crap.

[MrRoboto]

Originally Posted by Bobble

Not entirely true. On my 2 rentals it clearly stipulates in the lease agreement that upon signing you are held liable for fees incurred to execute the contract or deposits whether paid or not, this includes any verfication of income or searches done.
I use a property manager and she is a wicked hag and lets no one run free and makes sure the rent is collected on time. I've let one person off the hook once with only asking for compensation in what she (property manager) would pass to to me as fees. I've never held their deposits but she would if I let her. She's well worth her commission on each lease agreement as i never deal with the crap.

That's cool. I can understand any fees associated with paperwork, etc but the buyer wouldn't be held to the full term of the lease. 12months, etc.

[schoy]

Originally Posted by MrRoboto

That's cool. I can understand any fees associated with paperwork, etc but the buyer wouldn't be held to the full term of the lease. 12months, etc.

Umm ... no. Might want to read up on requirements for contract formation and damages for breach of contract.

[CasperSYTFU]

Chelsea and him should move in together.

[Maestro]

Most all States have consumer laws which give you a 3 days buyers remorse clause. Which means you can walk away from any legal contract within 3 days with no penalties. Does not matter what the landlord writes into their own contracts, they can not supersede the consumer laws in their state. State laws and federal laws always take precedence over any contract. Meaning you can not be force to abide by a contract which is in violation of a state law.

This now even applies to loans and such, I just did a Equality line and they made it clear they would not release the fund until the 3 days pass and told me I have those 3 days to terminate the agreement at no costs to me.

Just remember most landlords and real estate agents lie, so you need to know your rights since most will not tell you unless the laws specifically says they have to tell you.

[MrRoboto]

Originally Posted by schoy

Umm ... no. Might want to read up on requirements for contract formation and damages for breach of contract.

Enlighten us then oh great wizard.