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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Nothing is binding for the 5 day cancellation period. Posted by Ward-CA- on May 13, 2003 at 9:17 AM In Reply to: Optionee vs. Equity Purchaser posted by Cary on May 12, 2003 at 1:09 AM : I understand that an Equity Purchaser must give the Seller a 5-day right of rescission and cannot have any deeds signed during that period if he/she is BUYING the property. But what if I only OPTION the property; am I still considered an Equity Purchaser and all the rules apply? : I am assuming that the option agreement must also be in the Optionor’s native language. Is that correct? Cary, An option contractually binds a property owner to sell their property. So if that seller is a homeowner in default then Section 1695 applies. And as you know, §1695 requires that initially only an agreement to sell or option the property can be entered into until the 5 day right to cancel has run its course. Only thereafter can the agreement become binding and the actual deed, trust deed, option, etc. that’s involved be formally executed and change hands. And your assumption is right on. California requires that whatever language a contract is orally negotiated in, that the same language must be used in the written contract. Follow Ups: Re: Nothing is binding for the 5 day cancellation period. frankca 6:05 PM, 05/13/03 (0) Re: Nothing is binding for the 5 day cancellation period. frankca 6:04 PM, 05/13/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I understand that an Equity Purchaser must give the Seller a 5-day right of rescission and cannot have any deeds signed during that period if he/she is BUYING the property. But what if I only OPTION the property; am I still considered an Equity Purchaser and all the rules apply? : : I am assuming that the option agreement must also be in the Optionor’s native language. Is that correct? : Cary, : An option contractually binds a property owner to sell their property. So if that seller is a homeowner in default then Section 1695 applies. And as you know, §1695 requires that initially only an agreement to sell or option the property can be entered into until the 5 day right to cancel has run its course. : Only thereafter can the agreement become binding and the actual deed, trust deed, option, etc. that’s involved be formally executed and change hands. : And your assumption is right on. California requires that whatever language a contract is orally negotiated in, that the same language must be used in the written contract. 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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