72 Hour cancellation on rental contract

[travlinlady23]

What is the name of your state (only U.S. law)? MO

I rented property to a couple and less than 72 hours they decided not to rent. They gave me half payment down of the security deposit. She is using the 72 hours thing about voiding a contract. Do I return the deposit? Are they still liable for renting? Thanks

 

[seniorjudge]

What 72 hour thing?

 

[Gail in Georgia]

Didn't we go through a loooong discussion about the 72 hour thing (including repeated requests to site such a law regarding rental contracts) a few weeks ago?


Gail

 

[FarmerJ]

72 hour cancelations are normally for contracts that are signed in the buyers home like new siding , windows , remodeling, security alarms. If a state govt web page links for landlord and tenant do not spell out a time frame for cancelations then there is none. If your state laws spell out what a security /damage dep is to cover , then follow your states statutes.

 

[travlinlady23]

Cancellation

Didn't we go through a loooong discussion about the 72 hour thing (including repeated requests to site such a law regarding rental contracts) a few weeks ago?


Gail

Must have been someone else..can you send me the page number or link, so I can read it?

Or copy here..thanks

 

[travlinlady23]

Cancellation

What 72 hour thing?

I should have been more clearer..One has 72 hours to change their mind on a contract that they have entered into..What I like to know is if that pertains to a rental contract? IN message, they sign a rental lease and with hours they wanted to cancel and have their deposit that they made return based on the the 72 hours time frame to cancel a contract.
I have searched and searched for an answer and have not found one. Any help would be appreciated..Thanks

 

[travlinlady23]

72 hour cancelations are normally for contracts that are signed in the buyers home like new siding , windows , remodeling, security alarms. If a state govt web page links for landlord and tenant do not spell out a time frame for cancellations then there is none. If your state laws spell out what a security /damage dep is to cover , then follow your states statutes.

Thanks for your help..security/damage deposit information in MO, that I found only covers the returning of deposit minus damages after tenant lives in place, nothing on cancellation that I have yet to find...Thanks

 

[Alaska landlord]

You won't find anything saying that a tenant can cancel prior to 72 hours. That clause pertains to realestate contract sales.

I don't remeber when this first came out, but in many states you can cancel orders due to phone solicitations within 72 hours.

 

[travlinlady23]

If the law is silent on it, then in order to keep the money handed over, you will have to prove damages. Hard to image you suffered any damages 'within hours' of the original signature. Maybe a canceled newspaper ad?

You can't keep it just because you want to.

You could force them to uphold the entire contract though. But do you really want that? Just do the right thing, and let them out of the contact. It's not like they waited very long.

Tom

No, I don't intend to keep the money, but was curious about the 72 hour thing..which I found after searching..it is called the "cooling off period" which like Farmer J indicated to what that applies to...I heard of this clause and I knew it meant for sales and mortgages, but wasn't quite sure about rental agreements, in this time and age nothing surprises me anymore...and I found that it is still a legal binding contract, which I thought..but nice to have in black and white...and NO, I wouldn't put myself through the hassle of wanting them for tenants! Already told them that I give back their money prior to getting on this fourm and that alot of landlords would hold them to the contract and they would have been out of luck to pursue it..

But thanks for writing, but I found out if the law is silent then it continues as a legal binding contract between the parties...
Thanks to all who answered,,,,

 

[travlinlady23]

Must have been someone else..can you send me the page number or link, so I can read it?

Or copy here..thanks

Gail, I am still curious about the page..still helps to read things..

 

[nusias9]

Well I kind of think she could keep some of deposit, as she now has to place it back on market and advertise the unit all over again. More so if she had an agent and already paid commission. My agent wants his commission at the lease signing.. I would think they would have to replace that money if this is the case.

 

[charlybucket]

sounds like you can keep the money
according to this article

72-Hour Clause

a 72 hr clause usually favors the seller in a real estate sale. Basically they can take a better offer up to 3 days after an initial purchase is drawn up. And if their is no 72 clause in the purchase contract then the seller has to sell at the given price.

As far as a rental goes- I'm going to echo what everyone else said- take the money and run- which you've probably already done.

 

[Gail in Georgia]

This old message (July, 2008) involved a rental agreement of which there is no 72 hour cancellation clause.

Gail