Answer:
The primary residence being purchased is considered a residential mortgage transaction (purchase or construction) and is therefore exempt from rescission.
First published on BankersOnline.com 3/4/02
Right of Rescission Requirements & Primary Residence
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Question:
If a couple is buying a new house but has not sold their current primary residence, is recission required if at act of sale they are moving to the purchased property as their new primary residence?
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