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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Nothing is binding for the 5 day cancellation period. Posted by JamieM-CA on May 13, 2003 at 10:16 AM In Reply to: Nothing is binding for the 5 day cancellation period. posted by Ward-CA- on May 13, 2003 at 9:16 AM Ward - At the signing of the EPA that starts the 5-day cancellation period, could you have the seller sign and notarize the Grant Deed, but then keep it and only deliver it to the buyer at the expiration of the 5-day period? Thanks for all your great help. JamieM : : 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: What do you think it accomplishes? Ward-CA- 8:11 PM, 05/13/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Ward - : At the signing of the EPA that starts the 5-day cancellation period, : could you have the seller sign and notarize the Grant Deed, but then : keep it and only deliver it to the buyer at the expiration of the : 5-day period? Thanks for all your great help. : JamieM : : : 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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