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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] California Civil Code Section 1695 Posted by Ward-CA- on June 16, 2002 at 7:16 AM In Reply to: cooling off period posted by Jason on June 13, 2002 at 7:25 AM : Is the 5 day cooloing off period applicable in all states? What does it apply to? ================== Jason, No, the 5 day rule comes from California's Civil Code Section 1695 rather than from some universal federal rule. So it applies to buying a home in foreclosure, in California, from an owner-occupant where the purchaser intends to flip the property rather than personally occupy it. In such an instance the purchaser must give the homeowner a 5 day right to cancel their sale agreement before exchanging anything of value with them (i.e. money, deed, trust deed, etc.). In the instance where there's less than 5 days left before the foreclosure auction then the cooling off period expires as of 8:00 AM on the morning of the scheduled trustee's sale. To read the code for yourself just click on the link below. Foreclosure Codes Follow Ups: Re: California Civil Code Section 1695 Rob 7:25 AM, 11/06/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Is the 5 day cooloing off period applicable in all states? What does it apply to? : ================== : Jason, : No, the 5 day rule comes from California's Civil Code Section 1695 rather than from some universal federal rule. So it applies to buying a home in foreclosure, in California, from an owner-occupant where the purchaser intends to flip the property rather than personally occupy it. : In such an instance the purchaser must give the homeowner a 5 day right to cancel their sale agreement before exchanging anything of value with them (i.e. money, deed, trust deed, etc.). In the instance where there's less than 5 days left before the foreclosure auction then the cooling off period expires as of 8:00 AM on the morning of the scheduled trustee's sale. : To read the code for yourself just click on the link below. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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