Ok I signed a lease to rent a home, and the next day went to the home to measure for furniture. We got there and saw a lot of unsafe things happening anyway we figure we could find a much nicer area. So apparently any contract you sign you can legally back out in 3 working days. The manager of the company who takes care of rental homes is out of town, they are trying to reach her. Here is the thing we found another place and are ready to run a credit report, will the recent property show up on our credit report? Thanks
2007-11-20 01:24:38 · 6 answers · asked by 3P.C.O. 2 in Business & Finance ➔ Renting & Real Estate
My parents have a rental house being managed by the same company and know the manager for over 10 years there is no doubt that I will get that taken care of I'm not worried about that. Its just I don't know if the lease from the first house is still on the credit and if it still were would the next credit application see it and not approve it?
2007-11-20 01:53:55 · update #1
In the state of Pa unless the credit report is run directly for rental history it will not show up. Only the credit check will show up, and judgements. They only run your credit they dont use it up to rent a place. Any questions e mail me im a real estate agent
2007-11-20 07:24:53 · answer #1 · answered by markf_07 2 · 0⤊ 0⤋
Do not assume that a three day right of rescission applies to a signed rental lease. It's a rare situation when it does. Many real estate transactions (leasing a property is a real estate transaction) are exempt from the 'three day cooling off period.
I would suggest waiting for the rental manager to return and provide you a written invalidation of the lease before you proceed further. If they refuse to provide an invalidation, they are within the bounds of the law.
2007-11-20 10:33:13 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
You say unsafe. Depends on how unsafe. Unliveable safe? Did you pay any money? Technically, you are bound by the written agreement, but you might be able to convince the landlord to rescind the contract if no money has changed hands. Check the document you signed. It is doubtful that the other company will show up on your credit report. If it does, it will only be as an inquiry.
2007-11-20 09:45:27 · answer #3 · answered by ? 6 · 0⤊ 0⤋
Laura,
the three 3 day back out clause is a myth in many states.
check with ur local realestate board or an attorney BEFORE u sign the next contract.
u may be required to pay for the first house.
And the second if u sign.
if the house has safety issues they must be corrected as allowed in ur locals laws.
u got a BIG legal mess coming ur way.
2007-11-20 09:39:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You only have 3 days to cancel if that's written in the contract that you signed. If it's not in the contract, you have NO cooling off period and the agreement is binding as it stands. It will be up to the landlord to let you out of the lease.
Most landlords don't report to credit reporting agencies unless you walk out on a large debt.
2007-11-20 10:19:41 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 1⤋
If your legally allowed to back out after 3 working days after signing the contract, it should not turn up on your credit report as long as you have notified the other people you have changed your mind and it has been cancelled within the time limit.
2007-11-20 09:33:55 · answer #6 · answered by Kuroy Kumo 2 · 0⤊ 1⤋