Timeframe for renter to back out of rental using First American?

Is there a legal time frame that a potential renter has to back out of an agreed-upon transaction between owner/renter that utilized RedWeek's First American Title services? Say the 50% down has been paid, but the renter wants to cancel prior to the rental dates. Does he/she get a full or partial refund? Or any at all? Thank you.

Currently, there is no cancellation time frame designated in the First American Title Escrow Agreement:

http://www.redweek.com/resources/rental_process/escrow/agreement_and_escrow

Any refund would be based on communication that took place between the owner and the renter or a separate rental agreement that may have been completed that designated a cancellation period.

Thanks!

Thank you. So I can assume that if the parties utilize First Week's online agreement form with no further cancellation stipulations, the renter would lose whatever he/she has paid if they back out. Correct?

Hi Paul,

If you're referring to First American's Escrow Agreement, then no, I wouldn't assume that. It's important to make sure that some type of cancellation discussion takes place during the rental negotiation. An owner would want to let the renter know what their cancellation terms are and the renter has to agree to those terms, preferably in writing. When no discussion takes place, then it's best to not make any assumption. We would encourage working with the other party to find an agreeable equitible solution if there is ever an issue that isn't spelled out in writing.

Thanks!