If you’re like many people buying a home for sale in Aspen, you know that you can rely on your Realtor® for guidance and advice throughout the entire process.
But there’s a term you may not know – and it’s an important one that relates to home financing: right to rescission.
What is Right to Rescission?
The right to rescission is very important when it comes to mortgages – but not a regular home purchase; it applies only to refinancing and home equity loans or lines of credit. It allows you to change your mind about taking out a loan. It falls under the Truth in Lending Act, which lets you have a “cooling-off” period after you sign your mortgage paperwork – and if you change your mind within three days from the date you closed on the home, you’re allowed to walk away from the deal.
That doesn’t mean you won’t lose your earnest money deposit or anything else – but it does mean that if you wake up the day after closing and realize you’ve made a terrible mistake, you’re not going to have to pay for that mistake for the next 30 years of your life.
You only have 72 hours – that’s three days. You can only use it for your primary residence, too.
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