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
The right to recover property taken away by foreclosure by paying the lender the total amount owed plus foreclosure costs. The right of a debtor in bankruptcy to recover personal ...
Involves monthly payments for property taxes and insurance, besides principal and interest. The tax and insurance payments are put into an impound account. For a residential mortgage this ...
Process of simultaneously appraising several pieces of property. Normally, occurs when a local government conducts a reassessment. ...
Authority given by a municipality to perform specified operations in a certain zoning area. Conditions are sometimes attached by the zoning group. An example is permission to have a ...
Adding a period of time onto another. An examples a mortgagor who successfully restructures his loan by tacking another five years onto the term. ...
Unincorporated combination (roll-up) of limited partnerships in a real estate together as a group. It is usually more comprehensive, financially sound, and marketable than individual ...
How much water may be retained in a unit, such as an expansion tank in a home. ...
Any permanent development that has been made to a parcel of land. Improved land features include whether the land has fruit bearing trees or crops producer by labor, landscaping, or ...
Personal property or real property that are passed on to heirs upon one's death. ...
Have a question or comment?
We're here to help.