Posted by Steve/Fl on 8/7/04 8:01pm
Msg #5713
Recission Period
I have a question I was hoping the experts on this board could help me with. I think I know the answer, but I want to confirm. When 2 people sign loan docs...1 signs on the 8th of August & the other will be signing on the 10th...the recission period would begin on the date the 2nd person signs on the 10th?? Is that correct? Steve/Fl
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Reply by PAW Notary Services on 8/7/04 9:09pm
Msg #5715
Not exactly. The person who signs on the 8 of August would have an expiration date of the 11th. The person signing on the 10th would have an expiration date of the 13th. RTC's are independent, that is, each signer has their own RTC period and right to rescind.
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Reply by Steve/Fl on 8/8/04 12:16am
Msg #5725
Thanx for clarifying, it makes perfect sense. See that is why you live in Zhills where all the smart people reside! Steve/Fl
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Reply by PAW Notary Services on 8/8/04 6:56am
Msg #5733
Ah, so you do know about Z-hills. Land of pure water, pure thoughts (yeah, right!), and smart people. Now if other people just learned that as well.
Paul/FL (Z-notary)
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Reply by Fran-wi on 8/8/04 4:27am
Msg #5731
I have run into this may times. I was always told the RTC starts when the last person signs. At least that is what the title company/Lender of that closing told me.
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Reply by PAW Notary Services on 8/8/04 7:04am
Msg #5734
Re: Rescission Period
From the lenders perspective that is true. Only because the lender has to wait until each party with an interest in the property has their individual RTC's expire. Therefore if there are multiple signers, the lender has to wait in the rescission period of the last signer expires. However, from the signer's perspective, each signer has 3 business days from latter of the following:
Date of the transaction (usually date of signing)
Date they received the TIL
Date they received the RTC
Since an execution of a signers Right to Cancel is effective on ALL parties, the effective funding date will always be the banking day following the last date of rescission.
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