Breaking lease in Colorado?

Question

Neighbors renewed their lease then 2 days later had to back out of it due to family situation. The landlords showed up and 9:30pm on Friday to talk to them. They were told that they had to stay until they found somebody to rent the place. While they do have to make a good faith effort to help find somebody, does anybody know if there is a time period in which they are allowed to back out of the lease without penalty? Again this is in Colorado. Thanks

Answer 1

Nope...no state allows for a rescission period on rental leases unless it is specifically spelled out in the lease itself.  

Answer 2

None!

Answer 3

There is ALWAYS a penalty to breaking a contract. Tell them to offer a flat two months rent as the buy-out.

Answer 4

A contract is a contract, there is no grace period for backing out.

They do not have to stay, they only have to continue to pay the agreed rent.

Often landlords will settle for a 2 month payment to terminate the contract, but there is no law that forces this.