Rescind: Literally means 'to take back' or 'cancel.' If a borrower rescinds a mortgage loan, it is as if the mortgage loan never existed. Some borrowers have by law a right to 'rescind' certain mortgage loans. Note: A Borrower is entitled to a refund all fees paid in connection with the loan if the Borrower exercises his right of rescission.

 

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Rescind: Literally means 'to take back' or 'cancel.' If a borrower rescinds a mortgage loan, it is as if the mortgage loan never existed. Some borrowers have by law a right to 'rescind' certain mortg . . . View Full Definition

Recission: An option in the discharge of a contract. If both parites agree, they may rescind a contract in a process called recission.

Rescission: A grace period allowed by law and/or company policy during which time a timeshare buyer has the right to cancel a purchase agreement without penalties. Though rescission periods vary from st . . . View Full Definition

Latent Defect: A hidden structural defect that would not be discovered by ordinary inspection and that threatens the propertys soundness or the safety of its inhabitants. Some states impose on sellers and . . . View Full Definition