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We signed a lease contract on a Saturday 3/23
and on Monday 3/25 we told our realtor we
canny move because we need more time as
we are concerned about getting our security
deposit. The realtor said we are in a legally
binding contract and cannot get out. There is
an approval process with the association that
has to be completed. We havent even begun
to do that all we have done is singed the lease.
There is an approval contingency that says
either party can terminate the lease at any
given time prior to the approval process. We
need to know our rights.
Asked on March 26, 2019 under Real Estate Law, Florida
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 2 years ago | Contributor
Generally, once you sign the lease, you are obligated to it even if there are circumstances making it disadvantageous to you to go ahead with the rental: the whole point of a contract (a lease is a contract) is to bind parties and impose enforceable obligations on them even when they decide they'd rather not be bound.
However you write that the lease itself contains a contingency allowing termination prior to approval. Such as early termination contingency is valid and itself enforceable. You can terminate the lease exactly as set forth in that contingency--just be sure to fully comply with that contingency and with any other relevant lease provisions, such as in regards to how to send notice to or communicate with the other side.