Definition of "Rescind"
Canceling, nullifying, terminating, or dishonoring a contractual obligation. The Truth-in-Lending Act provides the right of rescission whereby a person can annul a contract without penalties, or refunding deposits. Contracts may also be terminated for fraud or improper execution. For example, a minor may rescind a real estate contract with no penalties.
Popular Real Estate Terms
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Under law, a warranty in effect even if not expressly stated. It provides that real property sold is warranted to be appropriate for sale and is in proper condition even if not stated, ...
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