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TenantNet Forum Archives 1996-2002
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Re: Can a real estate company keep monies if you backout of an executed lease

Posted by TenantNet on June 09, 1996 at 01:25:20:

In Reply to: Can a real estate company keep monies if you backout of an executed lease posted by Elise Miller on June 08, 1996 at 18:12:27:

: On May 11, 1996 I signed a lease with an upper eastside property with a move-in date of 7/15/96 (the apartment is occupied presently).
: The property agent took first month's rent and security deposit at that time ($3,114).
: On May 21, 1996 I received an executed lease.
: On May 31, 1996 (1 week after I was illegally fired from my job) I asked the agent of the property if I could backout of the apartment due to the job loss. I did not feel comfortable with that rent at this time. I received no answer.

In some states (I don't know about New York) there is a cooling off
period where you can back out of contracts -- usually after three days.
It appears though that you waited beyond three days. I'm also not sure
if that would apply to residential rental leases. The NYS Attorney General's
office might know. Also, there are some federal regulations dealing with
this issue (Fair Credit????) but I don't know the particulars on that either.
OTOH, if there have been any misrepresentations by the property management
company -- if they said anything that isn't true, that might give you cause
to back out. Or if they made any represntationns (promises) to induce you
to sign the lease, that also might give you grounds. If you've challenged the
charge via Visa, check with your bank and the federal guidelines since
you may want to specify the "special rules" relating to credit charges.
Contact your bank on this one.
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