Resources > Glossary > Rescission

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Rescission

Phonetics: re·scis·sion    \ri-'si-zhən\

Function: noun

Definition 1:
The act of a borrower canceling a loan. Please refer to the document called, "The Right to Cancel" for more information. Not all loans have a right to rescission. Commercial loans might not have a right to rescission, but individual home loans would. Within 20 days, the lender must give up its claim to your property as collateral and must refund any fees a borrower paid if they rescinded.