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Zachary
Zachary, Attorney
Category: Legal
Satisfied Customers: 4007
Experience:  Lead trial/International commercial attorney licensed 11 yrs
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Can I cancel my contract of buying home in California?

Customer Question

Can I cancel my contract of buying home in California without costing any money if it is in 3days? 

Submitted: 1 year ago.
Category: Legal
Expert:  Zachary replied 1 year ago.
Hi,

Thank you for your question. Under the Federal Truth in Lending Act, a borrower can rescind a home equity loan within 3 days following the execution of the loan agreement.

There is also a provision that allows you to rescind a contract to purchase a time share and/or the purchase of an undivided interest subdivision within three days of the execution of the contract.

However, if your situation involves only the agreement to purchase a house and is not the loan agreement, then the 3 day rescission right does not apply.

He would be correct about the post mark rule. Although it is better to mail and call on the phone to rescind the contract.

Please let me know if you have any further questions. Please also kindly consider rating my answer positively so that I am compensated by the website for my work on your question. Rating positively does not cause an additional charge and does not prevent us from further discussing your questions.

Best Regards,
ZDN
Customer: replied 1 year ago.

I read the contract. I just changed my mind about buying because my agent rushed me. I am afraid my agent will get angry and cost me some money. I knoe that I have to pay some cost such as inspector's fee which I don't know if she order anyone to do it yet.

Expert:  Zachary replied 1 year ago.
OK. Having read it, is it a contract for a home equity loan, or is it a contract for the purchase of a house which is separate from a home equity loan?
Expert:  Zachary replied 1 year ago.
Can you respond to my question please?
Customer: replied 1 year ago.

I offer to buy a house with bank loan with real estate agent.

Expert:  Zachary replied 1 year ago.
This does not sound like the kind of deal you can rescind within the 3 day period unfortunately.

If you really want out of the purchase, you need to tell your agent that you want to back out. It may indeed end up costing you some money to cover the damages, but this would be better than getting stuck with a home you don't want and mortgage on top of that.
Zachary, Attorney
Category: Legal
Satisfied Customers: 4007
Experience: Lead trial/International commercial attorney licensed 11 yrs
Zachary and 11 other Legal Specialists are ready to help you
Customer: replied 1 year ago.

About how much? For what? Even in three days?

Customer: replied 1 year ago.

About how much? Three day wright does not work?

Expert:  Zachary replied 1 year ago.
I would have no idea. It would be the costs incurred by the agent in setting up the deal for it go and fall through. You said there might have been an inspection, so that would be included to.

This is something you need to negotiate directly with your agent. You will just have to sit down and say "I've changed my mind, I want to rescind this agreement."

My interpretation of the 3 day rescission rule is that it does not apply in this case. However, that does not mean you should not call the agent when the office opens today and tell them immediately that you want out.

Who knows, the agent may simply be able to get you out of it without any cost.

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