Contracts
In an Oklahoma real estate transaction, the buyer's right of rescission under TILA (Truth in Lending Act) applies to:
AAll real estate purchase transactions
BRefinancing of the buyer's primary residence with a new lender (not a purchase money mortgage); the buyer has 3 business days to rescind after receiving required disclosures✓ Correct
CCommercial real estate loans only
DInvestment property purchases
Explanation
The TILA right of rescission applies to refinancing transactions on a borrower's principal dwelling. It gives the borrower 3 business days after closing or receiving required disclosures to cancel the loan. It does NOT apply to purchase money mortgage loans for buying a home.
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