Escrow & Title
In Wyoming, the buyer's right of rescission under TILA applies to:
AAll residential real estate purchases
BRefinancings and second mortgages on a primary residence (not purchase money mortgages)✓ Correct
CAll commercial real estate loans
DCash purchases only
Explanation
The Truth-in-Lending Act (TILA) provides a 3-business-day right of rescission for refinancing and second mortgage transactions on a consumer's primary residence. It does NOT apply to purchase money mortgages (first mortgages used to buy a home). The buyer cannot rescind a purchase using this right.
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