Real Estate Glossary

What is Right To Recission?

Right to Recission refers to the legal right that a borrower has to cancel a loan or credit transaction within a specified period of time, typically three days, after signing the loan agreement. This right is provided to the borrower under the federal Truth in Lending Act (TILA). It allows the borrower to change their mind and cancel the loan without penalty, however, there are some exceptions.

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