AUTOMATIC RESCISSION?

There are no automatic rights of rescission in a Lease/Rental Agreement.  Unlike a Purchase and Sale Agreement, there are no inspection contingencies or neighborhood review provisions nor does the tenant have three days from the date of mutual acceptance to terminate the agreement if problems are found or if the tenant changes his/her mind. 

Furthermore, even if the sole wage earner in a rental dies, anyone else who is a signatory to the lease is still responsible for the terms of the lease.  In the case of a divorce, all signatories to the lease remain jointly and severally responsible, even if one party vacates the premises, unless the landlord agrees to release one party – in writing.

Make sure your clients carefully consider the legal consequences of the rental agreement prior to signing it.

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

There are no warranties, express or implied, including fitness for a particular purpose, made with respect to this communication. Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters.