Definition of "Rescind"
Canceling, nullifying, terminating, or dishonoring a contractual obligation. The Truth-in-Lending Act provides the right of rescission whereby a person can annul a contract without penalties, or refunding deposits. Contracts may also be terminated for fraud or improper execution. For example, a minor may rescind a real estate contract with no penalties.
Popular Real Estate Terms
Replacement of a major component of property by another component that will result in better performance capability. Increases overall efficiency of the property. ...
You may have heard the term codicil in a conversation but might have yet to understand it entirely. What’s the codicil definition? “Codicil meaning” refers to a supplement ...
Generic name given for any association of property owners sharing an interest in commonly owned property. Community associations may be developed in condominium, cooperative, or housing ...
Bottom of a frame such as a window sill. ...
Amount required to payoff the full balance of the mortgage today. The amount equals the principal balance plus any prepayment penalty. ...
Local governmental requirements regarding the subdivision of construction. ...
U.S. tax law that consists of regulations and rules to be followed by taxpayers. The Internal Revenue Code of 1954 is continually revised and amended over time. ...
Factor employed by real estate agents or appraisers to determine the change needed in operating income to obtain a desired rate of return. It is used to evaluate income-producing property. ...
An adjustment to the internal rate of return (IRR) computation so as to improve this measure. This uses a risk-free after-tax rate and a customary rate for money reinvestment. ...
Have a question or comment?
We're here to help.