is there a right of recission on a purchase of a home in louisiana

This is a 203k loan where a home is being purchased and renovated at the same time is there a right of recission attached to it?

Asked on March 24, 2016 under Real Estate Law, Louisiana

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

There is no general right to rescind a purchase of a home, though there is a 3-day right of rescission on the mortgage (of course, then you'd have to return the mortgage principal, but would still be contracted to buy the home, which may not help you).
If the purchase was procured by fraud (by the seller intentionally lying about some material, or important, thing, which lie was reasonable and which the buyer reasonably relied upon--but it would have to be  a lie about something major, which the buyer did not and could not reasonably discover), or the buyer lacked mental capacity (due to, say, mental illness or brain injury) to enter into a contract, or it is impossible for the seller to sell the home (e.g. he is not the owner), then the purchase may be rescinded.


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