The Condominium Property Act provides condominium unit Purchasers with the Right of Rescission in order to cancel (rescind) a Purchase Agreement. When you sign the Purchase Agreement and once you have received all the required disclosure schedules (documents), you have 10 days to back out of the Purchase Agreement. If you have the Purchase Agreement and all the disclosure schedules in your possession for at least 10 days, you have no rescission rights when you sign the contract.

Repudiation of a contract for cause, such as for fraud, misrepresentation, or duress. The rescission of an insurance policy is its recall and voiding, usually for misrepresentation.

The act of cancellation or annulment of a transaction or contract by the operation of a law. Borrowers usually have the option to cancel certain credit transactions, including a refinance or home equity transaction, within three business days after consummation (when the consumer becomes contractually obligated by, for example, signing the loan documents).

The legal remedy of canceling, terminating or annulling a contract and restoring thttributable to it.

A federal budgetary term that refers to the cancellation, in whole or part, of budget authority previously granted by Congress.

The annulling, revocation, or repeating of a contract by mutual consent of the parties, or for cause by either party to the contract, and returning the parties to their original position (the “status quo”).

The cancellation of an already signed contract. When refinancing a mortgage on a principal residence the law gives the homeowner three days to change his mind and cancel (rescind) the contract.

It gives the homeowner three days to cancel a refinancing contract once it is signed

The legal act of canceling (rescinding) the policy and refunding all premiums paid from the policy's issue.

Legislation enacted by Congress that cancels, in whole or in part, budget authority previously granted by law.

A legislative action to cancel the obligation of unused budget authority previously provided by Congress before the time when the authority would have otherwise lapsed. Rescission may be proposed by the Executive Branch but requires legislative action to become effective.

a legislative action that permanently cancels new budget authority or the availability of unobligated balances of budget authority prior to the time the authority would otherwise have expired

A rescission period is required by the Federal Government to allow a property owner to cancel a loan transaction. This period is 3 business days between the loan closing and the disbursement of funds, which applies when a security interest is taken in a consumer's principal dwelling.

A bill rescinding or canceling budget authority previously made available by Congress.

Cancellation of coverage, as of the effective date, due to the discovery of false or undisclosed information on the application that, if known at the time of issue, would have caused us to decline or amend the certificate or to charge a different premium.

The termination of an insurance policy contract by the insurance company on the grounds that the policyholder misstated information on his/her application for insurance.

The legal act of voiding (rescinding) a policy from its inception and refunding all of the premiums paid from the policy's issue. A policy can be rescinded for cause, such as fraud or material misrepresentation.

A procedure which cancels a winding-up order.

A period of time in which a person has the right to cancel a purchase contract for a timeshare without incurring any penalties. The person also receives a full refund of his or her deposit. These periods vary from state to state. See Cooling-off Period.

A period of time granted by company policy and state statutes during which a person has the right to cancel a purchase contract for a timeshare without incurring a penalty. The person also receives a complete and full refund of his deposit. Rescission periods vary from state to state. See also: cooling-off period.

An apparently valid act may conceal a defect that will make it null and void if any of the parties demand that it be rescinded.

Cancellation of a transaction or contract by law or mutual consent. Mortgage refinances are required to have a three-day right of rescission.

(I) The act of rescinding. (2) A legal action to rescind a contract or other transaction.

The cancellation of a contract. When you use your home as collateral for a loan, you generally have the right to cancel the credit transaction within three business days. This is called your "right of rescission."

The cancellation or annulment of a transaction or contract by operation of law or by mutual consent. Borrowers may have a right to cancel certain mortgage refinance transactions within three business days after closing, or for up to three years in certain instances.

Cancel or revoke of sale.

The cancellation of a contract and restoration of the parties to the same position they held before the contract was entered into.

The cancellation of a contract. When refinancing a mortgage on a principal residence, the law gives the homeowner three days (rescission period) to cancel the contract.

Federal law that guarantees the consumer the right to cancel a mortgage for a period of three business days following the signing of the documents if the subject loan is a refinance of the borrower's primary residence.

The cancellation of a contract. In the case of refinancing, this gives the buyer three days to cancel a transaction after it has closed.

the act of canceling or terminating a contract. Rescission is allowed when the contract was induced by fraud, duress, misrepresentation, or mistake. Regulation Z allows one to rescind certain credit transactions within 3 business days (not applicable to first mortgages on a home); purchasers of certain land that must be registered by Department of Housing and Urban Development (HUD) may rescind within 3 business days.

The right of refinancing borrowers under the Truth in Lending Act to cancel the deal at no cost to themselves without three days of closing.

The cancellation of a contract. With respect to mortgage refinancing, the law that gives the homeowner three days to cancel a contract in some cases, once it is signed, if the transaction uses equity in the home as security.

The annulment of cancellation of a contract.

An appropriations bill item that cancels budget authority previously appropriated but unspent.

A Law, giving the borrower three days to change their mind, and rescind their decision to take the loan, on an owner occupied property refinance. This three day period starts after the loan documents are signed and cannot be waived.

Court action brought to cancel or annul the effect of executing a contract or other document.

Repudiation or termination of a contract when it is felt that fraud was involved.

The right of a person whose primary residence is to be encumbered as security for a consumer loan for a purpose other than the purchase or initial construction of that residence, to cancel the transaction without penalty or cost of any kind within a specific period of time as provided by law.

The legal remedy for canceling, a contract and restoring the parties to their original positions.

The unmaking or undoing of a contract; repeal.

The cancelling of a contract usually by one person after breach of contract. The other person may be entitled to damages to return them to their position prior to the contract• Contracts

The act of treating a contract as being at an end as a result of the failure, breach or misconduct of another party.

The act of canceling the effect of a document. Back to the Top

A grace period allowed by law and/or company policy during which time a timeshare buyer has the right to cancel a purchase agreement without penalties. Though rescission periods vary from state to state, the buyer is entitled to receive a refund of his or her full deposit. Rescission is also known as a "cooling-off-period".

The revocation, cancellation or annulment of a contract by the mutual consent of the parties to the contract or for cause by court order

Law that gives the borrower 3 days after signing to cancel a contract in some cases, if the transaction uses home equity as security.

The unmaking of a contract, and the restoring of each party to the same position each held before the contract arose. Back to the Top

Borrowers' cancellation of a loan contract. Often, second mortgage loans (see Second Mortgage) will allow a borrower three business days (after loan closing) to rescind or cancel their loan. WHEDA allows three days for borrowers to rescind after extending them a Home Improvement loan or a HOME Plus loan that will be used for home improvements.

Voluntary cancellation of a contract either unilaterally (by one party) or by both. Can only be exercised under certain circumstances.

The canceling or annulling of an agreement, contract or deed.

Termination of an insurance contract by the insurer on the grounds of mis-statement by the insured.

The act of canceling or annulling the effect of a document.

Cancellation of a contract without penalty. Specific requirements apply to bank disclosures of borrower's rights to rescind.

The cancellation or annulment of a transaction or contract by the operation of a law or by mutual consent. Borrowers usually have the option to cancel a refinance transaction within three business days after it has closed.

The cancellation or "unwinding" of a contract.

In contract law, the setting aside of a contract as though the contract had never been made; the contracting parties are placed back in their original positions as before the contract was entered into.

A procedure that cancels a winding-up order.

Rescission is also known as the "cooling-off-period". Regulated state by state and country by country. This is the time period following the purchase of a timeshare property allowing the buyer to cancel the agreement without penalties.

The cancellation of a transaction or contract by law or by mutual consent. (i.e.) On a refinance of an owner occupied property the transaction is not funded until three business days from the closing.

The annulment of a contract as a result of which both parties are returned to their former positions. "Right of Rescission" is the right to the legal right to cancel the mortgage contract in such a way. Not applicable to mortgages made to purchase a home, but may be applicable to other mortgages, such as home equity loans.

is the cancellation of a contract.

A law canceling budget authority before the time when the authority would otherwise cease to be available for obligation. See budget authority.

The cancellation of a contract, permitted by law within three days of signing a mortgage not used to purchase a home.

The cancellation of a contract as agreed by all of the parties involved.

The cancellation of a mortgage loan, permitted by law within three days of signing when the loan is not used to purchase a home.

The right of an individual involved within a contract to return to the identical state as before they entered into the agreement, due to courts not recognizing the contract as legally binding.

The cancellation or annulment of a contract. The law allows borrowers three business days to exercise the option to cancel certain credit transactions, such as refinance or home equity transactions.

The ending of contract. When refinancing a mortgage on property, requires the borrower/owner to cancel the contract within 3 days if they decide not to proceed with the refinancing.

Certain auto loans, home equity loans and refinancings can be cancelled by the borrower within three days.

(1) Repudiation of a contract. A party whose consent to a contract was induced by fraud, misrepresentation or duress may repudiate it. A contract may also be repudiated for failure to perform a duty. (2) The termination of an insurance contract by the insurer when material misrepresentation has occurred. (G,LE)

An item in an appropriations bill that cancels (or rescinds) budget authority which was previously appropriated but not yet spent.

Termination of an insurance contract by the insurer on the grounds of material misstatement on the application for insurance. The action of rescission must take place within the contestable period or Time Limit on Certain Defenses clause set forth in the policy, but takes effect as of the effective date of the policy, thus voiding the contract from its inception.

Cancellation of a contract by mutual agreement or by law.

The cancellation of a contract. When you use your home as collateral for a refinance or second mortgage, you generally have the right to cancel the credit transaction within three business days.

The cancellation of a contract by the operation of a law or by mutual consent. In some circumstances, borrowers have the right to cancel a transaction within three business days after closing.

Cancellation of a contract by agreement of the parties.

An equitable remedy under which the insurer seeks to void a policy or have it declared void. Rescissions usually occur when there has been material misrepresentation in the insurance application.

The cancellation of a contract by law or consent from the parties involved.

In contract law, rescission (to rescind or set aside a contract) refers to the cancellation of the contract between the parties. This is done to bring the parties as far as possible to the position they were before they entered into a contract (the "status quo ante"). This an equitable remedy and is discretionary.