Some legal contracts may have a cooling off period, which means that after the contract is signed, there is a certain amount of time (which may vary by jurisdiction) where the parties in the contract can choose to cancel without penalty. Generally, rental agreements do not have cooling off periods, although this may vary depending on your state or territory's tenancy laws. In most cases, once the rental agreement is signed, the parties are legally bound to the terms and conditions listed in the agreement. In order to prevent issues, it's important that the lessor and tenant both go over the lease and negotiate any changes that need to be made before signing the document.