We were just having a discussion at work. I think I know at least part of the answer but since I know there are at least a couple real estate experts on here I'll ask.
Let's say you closed on a house. I believe, as with many contracts, that a mortgage has a 3 day right of rescission clause. But if you back out of the mortgage aren't you still contractually obligated to complete the purchase of the house? So what happens?
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