Real Estate Law
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I'm terribly sorry to hear of your situation. I know this is very stressful and frustrating. I'm sorry to be the bearer of bad news, but unfortunately there is no cancellation/rescission period for a lease. Some transactions, such as taking out a home equity loan or a door-to-door sales transaction do carry a 3-day rescission period (sometimes known as a cooling off period). Leases, however, don't have a cancellation period. The leasing agent is correct in that there is now a legally binding contract. If you walk away, the landlord has a duty to try and re-lease the property as quickly as possible. Once that is done, then you would be liable for the amount of time between the lease beginning date and when the lease with a new tenant begins. Or you could pay a penalty of a certain amount if the lease provisions contain terms for early termination and penalty assessment.
I thought that we would have some time period for the "cool down" as with a car purchase
I guess Im learning a difficult lesson here.
Unfortunately, no. It really should be different but the law just hasn't kept up with the times.
I suppose I can ask the property management company tomorrow, but I will have to live with their final decision
thanks for your assistance
I appreciate the expert opinion
Yes, certainly you should talk to them and see if something can be worked out - that's the best thing you can do. And do also keep in mind that you are only liable for the amount of time between your lease beginning date and when the property is rented to someone else. Also, they have a duty to re-lease the property as quickly as possible. They can't hold you liable for the whole lease term.
You're welcome. Thank you for your question. Have a great day!
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