Right of Rescission

Definition

A legal right to cancel a transaction within a specific timeframe, typically 3 business days for certain refinances. Your cooling-off period before the bank officially owns your soul.

Example Usage

We have a right of rescission for three days after closing, in case we change our minds about the refinance.

Origin

From Latin 'rescindere,' meaning to cut off or annul

Fun Fact

The right of rescission applies to certain real estate transactions but not to all purchases

Source: Consumer protection and real estate law terminology

Related Terms

Beginner

Walkthrough

The final tour of a home before closing where you discover all the things that broke between the inspection and now. It's supposed to be a formality but often turns into a horror movie.

🏠 Real Estate

Beginner

commission

The beautiful moment when someone gets paid a percentage for making something happen, whether that's selling a house, brokering a deal, or convincing someone to buy timeshares. It's the financial incentive that turns salespeople into your new best friend until the contract is signed. In real estate, it's typically the 5-6% that makes agents answer your calls at 9 PM.

🏠 Real Estate

Beginner

Buyer's Agent

The agent who represents you as the buyer, though technically the broker still wants you to overpay.

🏠 Real Estate

Advanced

Holdback

Money withheld at closing to ensure the seller completes promised repairs or obligations—basically your insurance policy against seller disappearance.

🏠 Real Estate

Advanced

conveyance

The fancy legal term for transferring property ownership from one party to another, complete with all the paperwork that makes it official. It's both the act of moving title and the document that proves you now own that thing. Real estate's way of saying 'this is yours now' in the most formal way possible.

🏠 Real Estate

Intermediate

baby boomer bust

The predicted housing market flood as millions of boomers simultaneously try to sell their family homes and downsize, potentially tanking prices. It's demographic destiny meets real estate economics, and millennials are waiting with popcorn.

🏠 Real Estate

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