Cancellation terms Nevada

[blubelliedgecko]

I signed a contract and was ready to move in to a condo and had placed a small deposit. After returning to the condo complex found that there were multiple "uninhabitable" condos on premisis due to mold and other issues. Many of the homes were bank owned and being forclosed and our renter wanted to deal solely in cash. The next day I called him to cancel our contract and now he is threataning to take us to court. We never took possesion as in we never recieved the keys or began move-in. Is there something that protects me especially finding out the condos may be uninhabitable and the fact I'm cancelling less than 24 hours after signing and cancelled my check deposit. Please Help! I live in Nevada so if there is a Nevada specific law please help!

You can cancel if there are truly serious problems.

They may try to keep the deposit but they should not have too many other damages if you don't rent.

The last poster is wrong. The uninhabitable or financial conditions of other units have nothing to do with your unit. Unless your unit is uninhabitable, you have signed a contract to take possession and rent the place. What is next door is not your problem. It should have been a concern to you prior to signing, now it is too late.

There is no cancellation period that applies to residential rental contracts, only to purchase contracts. You are obligated by that contract you signed. The LL is obligated to try to re-rent the unit. However, you are financially liable for the rent until it is re-rented, advertising fees, agent fees if he uses on to find a new tenant, and any other unreimbursed costs the LL suffers because you broke the contract with him. If your contract contained a termination fee, you will oer that amount instead. He can deduct these costs from your deposit and send you an itemized deduction statement within 30 days, and sue you for any costs that exceed the deposit.