Brentwood, MD asked in Real Estate Law for Maryland

Q: Maryland 3 day wait on re-finance rescission ...looking for a waiver

I am about to close on a cash-out re-finance on real estate property, primary residence, and the 3 day right-of-rescission wait may interfere with another contract I have that needs to be funded before the 3 day rescission is over . Can that be waived for circumstances of this nature ?

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1 Lawyer Answer

David Thomas Wagner

Answered
  • Rockville, MD
  • Licensed in Maryland

A: The 3 day right of rescission is not waivable. You should try to get an extension of the time for the other deal. If you execute an authorization to disburse funds directly to the third party the title company should honor that and disburse the funds as directed. If you offer to make this authorization irrevocable and the party to the other transaction should be comfortable enough to agree to extend for the extra day or so.

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