Legal Question in Real Estate Law in New Jersey
3 day recission on rental property?
Hi. On Friday 3/20 I looked at a short term room (2 months) for rent in an apartment. I did not sign a lease, but I did write a check for a deposit.
Over the weekend, details changed and I will not be keeping the room. Is it correct that there is a 3 day recission period on real estate deals in NJ? I spoke to the person renting the room (on 3/23), and he said that I am ''on the hook'' for the room as far as he is concerned. Is this true?
What are the ramifications of me putting a stop payment on the check?
1 Answer from Attorneys
Re: 3 day recission on rental property?
I believe the right of rescission applies to contracts for sale of real estate and not rental properties. Even besides that, you did not sign a contract yet, so there is no binding agreement based on the facts given. You are not on the hook and can put a stop payment on the check. If there is written proof you did agree to rent, then the other party may sue you for breach of contract if they think it is worth it.
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