right of rescission
- A legal provision allowing a borrower to cancel a real estate loan within three business days of signing the loan documents, with all money refunded upon cancellation
- The couple utilized their right of rescission after reconsidering the high interest rate on their home loan.
- Remembering his right of rescission, John decided to cancel his business loan within the three-day period.
- Due to high investment risk, many borrowers often rely on their right of rescission.
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