Contracts
The right of rescission under the Truth-in-Lending Act (Regulation Z) allows a borrower to cancel:
AAny real estate purchase contract within 3 days
BA refinance or home equity loan on their primary residence within 3 business days of closing✓ Correct
CA purchase money first mortgage within 30 days
DAny mortgage within 7 calendar days
Explanation
Regulation Z grants a 3-business-day right of rescission for refinances and home equity loans secured by the borrower's primary residence. It does NOT apply to purchase money first mortgages.
Related Nebraska Contracts Questions
- An 'implied warranty of habitability' for newly constructed homes in Nebraska means:
- A real estate contract is considered 'accepted' in Nebraska when:
- Which of the following is an example of an 'as-is' clause in a purchase agreement?
- A void contract in Nebraska real estate is:
- A purchase agreement is considered 'executory' when:
- A voidable contract in Nebraska is one that:
- A seller accepts a buyer's offer and both sign the purchase agreement. Before closing, the seller finds a higher offer. Can the seller accept it?
- What is an 'as-is' clause in a real estate purchase agreement?
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