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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: 5 day rescission period is not necessary during NOD?? Posted by steve on January 18, 2004 at 0:39 AM In Reply to: Re: 5 day rescission period is not necessary during NOD?? posted by DARRYL-CA on January 17, 2004 at 11:53 PM : : You are correct. I don't believe you are correct, the 5 day recission period IS required, at least for California to which the original inquiry seemed to be referring to. Read the California Civil Codes, links to which are provided on the site. It is a relatively easy read. Protect yourself and don't take unconscionable advatange of distressed sellers. Pertinent paragraphs include: CALIFORNIA CIVIL CODE 1695.1. (b) "Residence in foreclosure" and "residential real property in foreclosure" means residential real property consisting of one- to four-family dwelling units, one of which the owner occupies as his or her principal place of residence, and against which there is an outstanding notice of default, recorded pursuant to Article 1 (commencing with Section 2920) of Chapter 2 of Title 14 of Part 4 of Division 3. CALIFORNIA CIVIL CODE 1695.3 (h). Every contract shall contain the entire agreement of the parties and shall include the following terms: "NOTICE REQUIRED BY CALIFORNIA LAW Until your right to cancel this contract has ended, (Name) or anyone working for __________(Name) CANNOT ask you to sign or have you sign any deed or any other document." The contract required by this section shall survive delivery of any instrument of conveyance of the residence in foreclosure, and shall have no effect on persons other than the parties to the contract. CALIFORNIA CIVIL CODE 1695.4. (a) In addition to any other right of rescission, the equity seller has the right to cancel any contract with an equity purchaser until midnight of the fifth business day following the day on which the equity seller signs a contract that complies with this chapter or until 8 a.m. on the day scheduled for the sale of the property pursuant to a power of sale conferred in a deed of trust, whichever occurs first. Follow Ups: Re: 5 day rescission period is not necessary during NOD?? DARRYL-CA 7:32 AM, 01/18/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : You are correct. : I don't believe you are correct, the 5 day recission period IS required, at least for California to which the original inquiry seemed to be referring to. : Read the California Civil Codes, links to which are provided on the site. It is a relatively easy read. : Protect yourself and don't take unconscionable advatange of distressed sellers. : Pertinent paragraphs include: : CALIFORNIA CIVIL CODE 1695.1. (b) "Residence in foreclosure" and "residential real property in : foreclosure" means residential real property consisting of one- to : four-family dwelling units, one of which the owner occupies as his or : her principal place of residence, and against which there is an : outstanding notice of default, recorded pursuant to Article 1 : (commencing with Section 2920) of Chapter 2 of Title 14 of Part 4 of : Division 3. : CALIFORNIA CIVIL CODE 1695.3 (h). Every contract shall contain the entire agreement of the : parties and shall include the following terms: : "NOTICE REQUIRED BY CALIFORNIA LAW : Until your right to cancel this contract has ended, (Name) or : anyone working for __________(Name) CANNOT ask you to sign or have : you sign any deed or any other document." : The contract required by this section shall survive delivery of : any instrument of conveyance of the residence in foreclosure, and : shall have no effect on persons other than the parties to the : contract. : CALIFORNIA CIVIL CODE 1695.4. (a) In addition to any other right of rescission, the : equity seller has the right to cancel any contract with an equity : purchaser until midnight of the fifth business day following the day : on which the equity seller signs a contract that complies with this : chapter or until 8 a.m. on the day scheduled for the sale of the : property pursuant to a power of sale conferred in a deed of trust, : whichever occurs first. 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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