Is there a 72 hour recession period on commercial real estate deals?

UPDATED: Sep 30, 2022

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Sep 30, 2022Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

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


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption