Does my state have 3-day right of rescission?
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Does my state have 3-day right of rescission?
In signing a contract, for example to Direct Buy, and you decide that you do not want to belong., do you have 3 days to get out of the contract?
Asked on November 1, 2010 under General Practice, Virginia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Unfortunately, there is no 3-day right of rescission for or with a contract of this type, unless the contrract itself or some associated documentation provides for an opportunity to rescind. As a general matter, the only agreements that commonly provide a 3-day right of rescission have to do with home sales: there are 3-days to decide to not take out a mortgage (though of course, in that case, the prospective buyer would still be responsible for the contract of sale, and thefore would likely lose their deposits if they cannot go through with the purchase).
So, no, in this case, unless as stated the agreement itself provides a right of rescission, you are almost certainly bound by it.
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