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#323582 - 02/28/05 07:14 PM Right of Recission
Angelica Offline
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Joined: Apr 2004
Posts: 8
For a right of recission, does each owner of the property get a separate sheet of paper for their ROR? or can two people be given one sheet with both their names on it?

We have always given separate pages to each, but have changed document software and now we are getting "joint" documents.

Any help would be great.

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Lending Compliance
#323583 - 02/28/05 07:24 PM Re: Right of Recission
TB 12 Offline
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Foxboro
We use 1 for each borrower. That way, there is no confusion.
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#323584 - 02/28/05 07:47 PM Re: Right of Recission
GreatBlue Offline
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Posts: 2,362
Colorado
Actually, each owner with rescission rights must be given 2 copies of the Notice of Right to Cancel and a copy of the material disclosures (TIL). "Joint" documents are not allowed. See 226.23(b)(1)
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#323585 - 02/28/05 07:49 PM Re: Right of Rescission
Dan Persfull Offline
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Bloomington, IN
The Reg. is very specific that EACH signer must receive 2 copies of the ROR. Giving two people two copies to share between them is not giving EACH 2 copies IMO.

If you are using new software, be sure you have the default copies to print set right.
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#323586 - 03/01/05 01:12 AM Re: Right of Recission
Andy_Z Offline
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