Definitions for "Right of Recision"
In a credit transaction secured by the borrower's principal dwelling, the right of each owner of the dwelling to cancel the transaction before midnight of the third business day after the loan is consummated.
Time period after sale in which the buyer can cancel the sale.
A provision of the Truth in Lending Act which gives a borrower the right to rescind a borrowing transaction (i.e., change his or her mind) within three business days on any transaction in which the principal residence is used to secure the loan.