Q: Signed a contract to buy windows, the following day, an addendum for financing. When does 3 day cancellation start?
Clarification - Wed., August 28, Signed Contract, Thurs., August 29, Signed Addendum for financing. Signed papers to NOT go through with purchase on Tuesday, Sept. 3. Friday and Saturday count, Sunday does not count, Monday doesn't count because it's a National Holiday. When does the 3 day cancellation start and stop? Are we within our rights to cancel?
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- Oregon
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A:
I am providing a qualified piece of information here because you have not specified what type of contract it is (Home purchase, condominium purchase, car purchase, something else?).
Assuming this is a home purchase you speak of, Oregon generally provides for the right of rescission on a home sales contract by the purchaser delivering a written notice of cancellation before midnight of the third business day after the receipt of the required written disclosure from the residential property owner(does not include weekends or holidays). Upon proper cancellation notice, all earnest money or deposits must be returned to the person who provided them.
If this is a condominium purchase, the purchaser generally has a right to cancel the sale within five business days (excluding Saturdays and holidays) after the latest of several specified events within the statute, such as signing the sales agreement or receiving the required disclosure statements.
Remember, this information is for general purposes only. It is not legal advice and no lawyer-client relationship should be deemed to exist between us by answering this question. You should seek the advice of experienced counsel who can review the facts and documents as they relate to your specific situation.
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