Is there a 72 hour recession period on commercial real estate deals?
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Is there a 72 hour recession period on commercial real estate deals?
My mom who is deaf and 66 years old made a deal that she was supposed to get $36,120 in and she signed the contract without thoroughly reading it because she trusted the other party. How can I get this deal cancelled?
Asked on September 15, 2016 under Real Estate Law, Louisiana
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
She can't cancel the deal, based on what you write.
1) There is no 72-hour recession period on a commercial real estate deal. There is a 72-hour recession for residential mortgages (though not the home sale itself--only the mortgage).
2) Not reading a contract because you trust the other person does not provide any grounds to rescind or void a contract: the law presumes you read, understand, and agree to what you sign, and if you choose to not read the agreement, the law holds you accountable for that decision and holds you to the contract.
2a) Being deaf will not help, as that does not impact her abilty to read the contract.
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