right of rescission

Definition of "right of rescission"
  1. 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
How to use "right of rescission" in a sentence
  1. The couple utilized their right of rescission after reconsidering the high interest rate on their home loan.
  2. Remembering his right of rescission, John decided to cancel his business loan within the three-day period.
  3. Due to high investment risk, many borrowers often rely on their right of rescission.

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