right of rescission
Definition
Right afforded in certain jurisdiction whereby a borrower can cancel a mortgage loan (typically within 3 days of signing) upon changing his or her mind regarding purchase of the property. Its objective is to counter the high-pressure sales tactics employed by some real estate dealers.
right of rescission is in the Corporate, Commercial, & General Law subject.
right of rescission appears in the definition of the following term: rescission of contract
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