Signing A Tenancy Agreement Cooling Off Period
Many people think they will have a cooling-off period for any type of legal agreement – this is not the case. It`s fair that it`s expressly stipulated in an Act of Parliament and doesn`t apply to leases – once the ink is dry, you and your tenant are both bound by the legal agreement. In some legal areas, there is a “cooling-off period” – usually seven days – during which the consumer can change his or her mind about what he or she has signed. It can be a credit agreement or something that falls under the rules of distance selling, rules that consumers cover when they buy goods without seeing the items first-hand. You are usually responsible for the rent from the start date of the lease, even if you do not reside in the property. When you move into a property and start paying the rent, it usually becomes a periodic rental agreement. Your rental agreement normally stops automatically when your landlord attracts a new tenant to the property. There are two main areas of law where there is a cooling-off period. The first are consumer credit agreements, where you lend a lot of money or pay for something on credit. This does not apply to rental properties. Ask your landlord or agent to agree to the termination of the lease if you think you have been misled.
If they don`t agree and you leave anyway, they can try to sue you for unpaid rent. The court decides whether you can perform the contract. This is called the “settlement” of the contract. This can only be done within the first 90 days of a guaranteed short-term lease agreement. One.