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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: right of rescission Posted by Ward-CA- on August 11, 2001 at 8:48 AM In Reply to: right of rescission posted by Gary - CA on August 10, 2001 at 10:30 PM : Ward, : For investors buying property before the Trustee Sale, is there : such a thing as the seller's right of rescission? If so, how long is it and can a seller still exercise this when a properly written Equity Purchase Agreement was involved? : Regards : Gary =•=•=•=•=•=•=•=•=•=•=•=•= Gary, yes there’s a special seller’s right of rescission that is mandated by CA’s Civil Code Section 1695 (see link below). It applies when an owner-occupied home is in foreclosure and the buyer is an investor-speculator who has no intention using the property for her home. The rescission right runs for five days after signing the equity purchase contract, which according to the Code, has to contain the notice of the right to rescind. In addition, the buyer has to provide the seller with a Notice of Cancellation form to use if the seller decides to rescind within the 5 days. Foreclosure Codes Follow Ups: Re: right of rescission Danita 4:55 AM, 06/03/02 (0) Re: right of rescission Gary -Ca 11:06 PM, 08/12/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : For investors buying property before the Trustee Sale, is there : : such a thing as the seller's right of rescission? If so, how long is it and can a seller still exercise this when a properly written Equity Purchase Agreement was involved? : : Regards : : Gary : =•=•=•=•=•=•=•=•=•=•=•=•= : Gary, yes there’s a special seller’s right of rescission that is mandated by CA’s Civil Code Section 1695 (see link below). It applies when an owner-occupied home is in foreclosure and the buyer is an investor-speculator who has no intention using the property for her home. : The rescission right runs for five days after signing the equity purchase contract, which according to the Code, has to contain the notice of the right to rescind. In addition, the buyer has to provide the seller with a Notice of Cancellation form to use if the seller decides to rescind within the 5 days. 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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