If I signed a lease less then 24 hours ago and I need to terminate it, is there a grace period in which the lease can be terminated?

I signed a lease less then 24 hours ago and I need to terminate it. The lease begins next month on the 1st for 1 year. The rental agency in which I signed the lease with says they can not help me since the lease was signed and sent to the homeowners they represent. Is there a grace period in which the lease can be terminated?

Asked on March 2, 2012 under Real Estate Law, South Carolina

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

No, unfortunately, there is no grace period for rescinding a lease; it differs in this way from buying a home, since there is a 3-day grace period on the home mortgage. With a lease, as soon as you agree to the lease (i.e. sign it), you are obligated for the full duration of the lease--in this case, for one year.

You may need to consider other options, such as assigning the lease (finding someone to take it over from you) or subletting (someone pays you to live in the space and you pay the landlord) to avoid the economic consequences of the lease.


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