Is there a 3-day right of rescission to terminate a lease that has been signed?
Are there any ways out of the lease due to a sudden change of occupation? The apartment will not be ready until the 02/12; we have not even received a signed copy of the lease yet. Also, no deposit has been payed. My friend has claimed he will pay any fees associated with backing out of the lease, but I'm not convinced that's even an option. I'm also concerned with how this will affect my credit. I know that the right of rescission applies to many goods and services, but I'm not sure on rental properties and do not want to make a fool of myself.
Unfortunately, there is no right of recession with rental agreements. Once you sign the agreement, you are obligated for the full term of the lease, with one caveat: the landlord is under a duty to make good faith, reasonable efforts to re-rent the apartment and can only hold you liable for the period up to when he can re-rent it.
Some options: (1) find another person or persons who will take the lease over from either both of you or at least from your friend, replacing him; (2) find someone or someones who will sublet from one or both of you (you're still on the lease, but you're economically covered); (3) negotiate something mutually agreeable with the landlord--e.g. in exchange for 2 or 3 months rent, he'll let you both out of the lease (note: if that happens, there's no bad debt to be reported--you and the landlord worked it out).
As for (1) and (2) you could sweeten the deal for another person or persons to step in by partially subsidizing them; e.g. say you find a person willing to rent if they received a $100/month break on their rent. Maybe your friend would contribute $50/month and you'd contribe the other $50--that obviously is not as good as getting out scott free, but would reduce your potential loss.