Profile picture for user17825234

Backing out a lease right after signing

Hello,

Do I have any right to rescission within days after signing a residential lease?  This is in Chicago for a large high-rise apartment building managed by a large property manager.  I called and the leasing agent (not manager, wasn't in office) said I had to do the standard buyout stated on the lease (2 months rent).  There's nothing in the lease that specifically covers this scenario.  

I electronically signed the lease yesterday at a Caribou Coffee cafe with no witnesses.  My reason for backing out is plain old regret.  

Also, this if for a sublet at below market rent.  The way they described it was that the original tenant is completely out of the picture once I sign.  I'm completely replacing them on the lease so it's not really a sublease in practicality.  

Thank you,

John
  • April 14 2013 - River North
  • 1
    1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (10)

depends on the wording in the lease. Id ask them. One day later might not be a big deal to them.
  • June 10 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for nickotsi
Explain your situation and see if you can work something out. If you haven't made any deposits or payments, it should be an easier process for you. Remember, however, that you have essentially entered into a binding agreement and can be reprimanded if the management company chooses to pursue it further.
  • June 05 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Your best bet may be partnering with a lawyer/attorney for advice on this. From the sounds of it you entered a binding agreement and if the lease stipulates the buyout is 2 months then you are most-likely responsible to pay it. I would try to sit down in person with the property manager to see if an exception or compromise could be made. Worst case you may have to find someone else to sublease your sublease. 
  • May 30 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Examine your conscience and your moral compass. How would you feel if you were on the other side of this?
  • February 16 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

John,

I am not an attorney and in no way is this to be construed as legal advice, but...

If you signed a lease and provided a copy to the management company you have essentially entered into a legally binding agreement you could be sued for breaching.

I would call the property manager and explain to them that you've changed your mind and try to work something out but I can tell you from experience that if you just ignore it and hope it goes away you're likely to end up being served and in court.
  • December 11 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It's fairly common for management companies to accept two months rent in exchange for being released from a contract. This isn't generally part of the contract because legally you are obligated to fulfill the entire length of the contract. They use the two month rule as a courtesy and it seems to be accepted in housing court.
  • April 14 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If money was exchanged, you will have a difficult time convincing the pm to refund and essentially terminate the lease without a penalty to you (I'm speaking as a pm). If you're really serious, doesn't hurt to ask management, and you should consult an attorney. Good luck!!!
  • April 14 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
I don't know any state that allows a right of recission after signing the legal document called a lease.    (Witnesses aren't required to the signature).

Some landlords will be nice, but most will hold you to the legal terms of the lease.    Most likely you'll need to pay rent until they rent the place out, and costs.   (Yes, it does cost money to advertise and interview tenants.)

If you can't come to agreement with the property manager, please talk with  an attorney.


  • April 14 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Matt Laricy
You have to read the lease. A lot of times once you sign they won't let you out.if it sin one day though they shouldn't really care.
  • April 14 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for JoshBarnettREIB
Just go over your thoughts with the other party and if you both can work something out (and get it in writing) then your good.  If the other party is not willing to work with you, consult with an attorney, the first consultation is typically free.  
  • April 14 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.