Right of rescission

right of rescission
option given a borrower in a loan secured by real estate to cancel the loan contract after a three-day cooling-off period.

Right of rescission
Definition 1.
he right to void a contract without any penalty within three days as provided in the Consumer Credit Protection Act of 1968.

Right of Rescission - A borrower's right to cancel a home loan within three business days of closing.

Right of rescission
The right of refinancing borrowers, under the Truth in Lending Act, to cancel the deal at no cost to themselves within 3 days of closing. See Rescinding a Mortgage Refinance.
Scenario analysis ...

Right of Rescission
The right of a purchaser of a new issue to rescind the purchase contract within the applicable time limits if the prospectus contained an untrue statement or omitted a material fact.
Right of Withdrawal ...

Right of Rescission:
Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid.

Right of RescissionExpand/Collapse
The right of a purchaser of a new issue to withdraw from the purchase agreement within the specific province's applicable time limits if the prospectus contained an untrue statement or omitted a material fact.

The right to recover property that has been attached by paying off the debt .
Right of rescission ...

right of rescission The right of a consumer to nullify a contract within three business days of signing it without paying a penalty or down payment.

See also: Banks, Consumer credit, Saving, Acquisitions, Line of credit