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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: right to rescind Posted by zachary on July 01, 2003 at 10:50 AM In Reply to: right to rescind posted by Rob on July 01, 2003 at 10:03 AM : I used the standard Cal Assoc of Realtor "residential purchase agreement and joint escrow instructions" as a contract to purchase a house pre-foreclosure in Los Angeles. The seller and I sighned the contract on Thursday evening June 26. Escrow was opened on Friday June 27. The seller faxed to me a note on Monday evening June 30 stating that he wants to "rescind" the contract. : A)Is there such a "right to rescind" on this contract and if so- who is responsible for the costs already spent- ordering demands (there is a fee from the HOA for ordering), escrow etc. : B) If there is a right to rescind, did he make the deadline-4 days including 2 weekend days. : c)Did he use an acceptable form of delivery- I met him at his house to sign the contract, but he faxed me the note to rescind. : Thank you in advance for any guidance you can give : Rob _________________________________ Rob, Are you buying this for your personal residence or as an ivestment property? If you are buying for personal residence then you can use a standard purchase agreement. If its for investment (holding or flipping) then you have to follow civil code 1695. you can find a link to it from this site. It states that you have to give them a 5 day cancelation period. thats 5 business days (monday-saturday) If they cancel within that time then I assume you are responsible for any money you have spent. I do believe that they have to cancel in writing but you also have to privide a purchase agreement that complys with the civil code and also includes a notice of cancelation form for them to use. You may be better off figuring out why he wants to cancela nd trying to handle those objections. I just had an EPA (purchase agreement that is set up for civil code 1695...you can find one here in this site) singed on 6/27. the lady called back to cancel on 6/29. She is stll on the hook and she will probably call me back when she can't borrow the money...I made sure she know what will happen and the small time frame and I told her I would follow up with her. Zachary Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I used the standard Cal Assoc of Realtor "residential purchase agreement and joint escrow instructions" as a contract to purchase a house pre-foreclosure in Los Angeles. The seller and I sighned the contract on Thursday evening June 26. Escrow was opened on Friday June 27. The seller faxed to me a note on Monday evening June 30 stating that he wants to "rescind" the contract. : : A)Is there such a "right to rescind" on this contract and if so- who is responsible for the costs already spent- ordering demands (there is a fee from the HOA for ordering), escrow etc. : : B) If there is a right to rescind, did he make the deadline-4 days including 2 weekend days. : : c)Did he use an acceptable form of delivery- I met him at his house to sign the contract, but he faxed me the note to rescind. : : Thank you in advance for any guidance you can give : : Rob : _________________________________ : Rob, : Are you buying this for your personal residence or as an ivestment property? : If you are buying for personal residence then you can use a standard purchase agreement. : If its for investment (holding or flipping) then you have to follow civil code 1695. : you can find a link to it from this site. : It states that you have to give them a 5 day cancelation period. thats 5 business days (monday-saturday) : If they cancel within that time then I assume you are responsible for any money you have spent. : I do believe that they have to cancel in writing but you also have to privide a purchase agreement that complys with the civil code and also includes a notice of cancelation form for them to use. : You may be better off figuring out why he wants to cancela nd trying to handle those objections. : I just had an EPA (purchase agreement that is set up for civil code 1695...you can find one here in this site) singed on 6/27. : the lady called back to cancel on 6/29. : She is stll on the hook and she will probably call me back when she can't borrow the money...I made sure she know what will happen and the small time frame and I told her I would follow up with her. : : Zachary 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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