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MikeDesrosiers · Oct 14, 2008, 07:38 AM

In Florida, is there a 3 day right of recision for a deposit on a rental property?

ScottGem · Oct 14, 2008, 08:05 AM

Federal law established a 3 day right of recision on credit contracts. Many states have adopted the Federal law, some have expanded it.

But for the most part, the right of recission is either written or not written into the contract. So you need to read the contract you signed when you paid the deposit. If it doesn't mention the right of recission, you don't have one.

Generally, such contracts don't since the purpose of a deposit is to hold the property against other renters. By giving the renter 3 days to change their money, it adversely affects the landlord.

Fr_Chuck · Oct 14, 2008, 08:15 AM

No, once you agree to a verbal rental, and/or sign the lease on a written contract and pay money you are bound by that contract.

So only if that contract gives you one. So it is doubtful the contract would have that in there.

MikeDesrosiers · Oct 14, 2008, 08:21 AM

Originally Posted by ScottGem

Federal law established a 3 day right of recision on credit contracts. Many states have adopted the Federal law, some have expanded it.

But for the most part, the right of recission is either written or not written into the contract. So you need to read the contract you signed when you paid the deposit. If it doesn't mention the right of recission, you don't have one.

Generally, such contracts don't since the purpose of a deposit is to hold the property against other renters. By giving the renter 3 days to change their moeny, it adversely affects the landlord.

Thank you, this was very helpful

excon · Oct 15, 2008, 06:17 AM

Hello Mike:

The three day rescission rule was passed because lots of older people were pressured to buy stuff they didn't want from door to door salesmen. Therefore, the rules was passed for sales that occurred in the home - not in the place of business of the seller.

Given the above, I don't think you have any such rights.

excon

this8384 · Oct 15, 2008, 09:05 AM

I found this question interesting as I had the same thing happen to me. A tenant signed a lease and mailed me a letter 2 days later stating she didn't want the apartment; she mailed it on a weekend so I didn't receive it until 4 days after she had signed the lease. She wrote me a letter asking me to return her deposit because "she had 3 days to back out of the agreement and had sent me the letter on the 2nd day." I gave her the money but told her to be careful because 1)there is no such law stating that I have to return her deposit and 2)the next time it happened, that landlord may not be as generous as I was.

ScottGem · Oct 15, 2008, 10:02 AM

Originally Posted by this8384

"she had 3 days to back out of the agreement and had sent me the letter on the 2nd day."

Because the "right of recission" is written into federal law, many people mistakenly believe it applies to all transactions. This person WAS lucky you were so generous, but I doubt if your advice will stop them from pulling the same crap again.

this8384 · Oct 15, 2008, 12:47 PM

Originally Posted by ScottGem

Because the "right of recission" is written into federal law, many people mistakenly believe it applies to all transactions. This person WAS lucky you were so generous, but I doubt if your advice will stop them from pulling the same crap again.

I doubt it, as well. She's a crazy old bat who is still living in the same place as when she wanted to rent my apartment; she's freaking out because her current landlord has the house up for sale. I did tell her I was returning her money even though I had no legal obligation to do so; she asked me to hold the apartment, I did so upon receipt of her deposit and turned away other prospective tenants, who had all somehow found other apartments in the timeframe of her deciding that she wanted the apartment and then changing her mind.

Another thing I thought about: let's theorize for a moment that she was allowed a 3-day period to back out. Rather than call me and say she didn't want the apartment, she sent a letter out on Saturday afternoon(the 2nd day) and I didn't receive it until Monday(the 4th day). So if there had been that allowance for her to break the lease, would she still be bound by it as her notification came after the 3rd day? Not that it matters now, I just like to wonder...

Fr_Chuck · Oct 15, 2008, 02:07 PM

Also while off original post, but if you start doing it for one renter, and do not do it for another, they can use your past practice to show a pattern of behavior to use against you.
Often the worst thing a business person can do is be nice and do things they don't have to, it so often comes back to bite you.