Posted by RosyPosy on 8/3/05 6:59pm
Msg #56745

3 Day Recission

This is just a question for my information. I do not know the answer and thought you might help me.
If there is two different people signing one set of documents and are located in two different places, one must sign on Monday August 8, & the other will sign on Wednesday August 10, when does the 3 day recission period begin and end?

Reply by BarbaraL_CA on 8/3/05 7:04pm
Msg #56746

For Signer-A on 8/8/05 ending on 8/11/05
For Signer-B on 8/10/05 ending on 8/13/05

Reply by BP/WV on 8/4/05 6:15am
Msg #56846

Hm... I was told that recission begins when the last signer signs.

Reply by PAW_Fl on 8/4/05 2:04pm
Msg #56936

To repeat what I recently posted in Msg #54680 on 7/26/05:

There are TWO perspectives you must take into account in regards to the RTC.

When there is more than one owner/borrower, EACH, buy law (USC 12) gets their own rights based on the requirements on the day they each sign and receive disclosures. So if signer #1 signs on the Monday, their expiration is Thursday. If signer #2 signs on Wednesday, their expiration is Saturday. That's the way Title 12 reads and is implemented on the borrowers/owners side of the transaction.

There would be no way that the first signer would be able to receive a correct and accurate RTC notice and disclosure unless it was based on the actual date they signed and received the disclosures. No one has a crystal ball and can see when the subsequent signers would be able to complete the RTC. What would happen if the second signer didn't sign until Thursday? Would the RTC for the first signer who signed on Monday have to be redone? No, because each signer gets their own RTC with dates specific to their situation.

On the lender's side, it's a different story. Funding cannot be accomplished until the rescission period for ALL parties with a right to rescind has expired. So, in the example above, the lender cannot process until the expiration date of the last signed party, which would be Saturday, midnight.

Reply by RosyPosy on 8/3/05 7:08pm
Msg #56749

Thanks Barbara I really appreciate the info

Reply by Dmartz_IN on 8/3/05 7:37pm
Msg #56757

I don't like to answer this question as it is on to many of the test that sign-up packages have in them.

Reply by LilyMD on 8/3/05 8:23pm
Msg #56775

So, what you're saying is no questions on this board should be answered if there is the slightest possibility the question may be on a test??????

Reply by Dmartz-IN on 8/3/05 9:21pm
Msg #56787

This question has been asked many times here and on other forums and answered. It is also a standerd test question on many sign-up package tests. If you need the answer to a test question you need to study more as most of these test are pretty easy and standard basic questions to things that you run into quite often in signings. I would wager that 90% of the time that this question is asked someone is fishing for an answer for a test.

Reply by Jenny/CA on 8/3/05 9:36pm
Msg #56792

That's why I like the timed tests, you have to know it on the spot. Although for essay ?'s I am not a fast typist.