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
Six-by-six mile square area of land designated by the intersection of range lines and township lines in the rectangular survey system. ...
Portion of a deed that states the act and date of the transfer of the property. ...
Type of ownership by husband and wife, recognized in 27 states, in which the rights of the deceased spouse pass to the survivor. It is the same as joint tenancy, except that one spouse ...
Charge assessed a mortgagor by the mortgagee when assuming a pre-existing mortgage. The assumption fee is often included in the closing costs when purchasing property. ...
Agreement in which the contract price to build something is equal to the total costs incurred plus a predetermined profit. The profit may be based on a percentage of cost (e.g., 20% of ...
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Considering future occurrences that may possibly arise. ...
A rental contact in which the tenant's rental is tied to a change in the price level, such as the Gross National Price Deflator. ...
Keeps something under control, such as water and sand. It blocks natural flow and settling of earth. It performs the same function as a dam would for water. ...
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