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Question on the 3 day right of recission

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  • November 6, 2019 at 2:52 pm EST #16339
    dcsluder1
    Participant

    We have a client who owns land and a house there. Currently they are living in the house as their primary residence. They intend to bull doze the house that is there and build a new house. In the mean time they have rental property they will live in. Would this transaction need a right of rescission since there will not be a house on the property?

    November 11, 2019 at 9:22 am EST #16369
    rcooper
    Member

    Since their current primary residence is the house securing the loan I would say right of rescission would apply.

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