Does The 3-Day “Cooling Off” Statute Apply To Cancelling A Lease Of Real Property?

Probably not.

A lease is a contract and should be entered into on careful reflection. There is often confusion about statutes giving a consumer the right to cancel a contract within 72 hours of its making.

There are several circumstances when the right to rescind a contract is available under federal law or equivalent state law.
* The one relating real estate is when a consumer enters into a transaction where she is placing a non-purchase money security interest in her primary residence (like a second mortgage to secure the transaction).
• Another 3-day to cancel transaction is when a consumer enters into an installment contract to purchase a product for a “door to door” salesperson.
• Some others with varying number of days to “cool off” are Health Club Memberships, Business Opportunity purchases; Credit Repair services, Hearing Aid purchases, Camping Clubs and trade show purchases.

One should always check their paper work and if in doubt consult an attorney before attempting to cancel a non-cancellable contract.

Attorney at Law
Blado Kiger Bolan, Tacoma, Wash.