Equity Purchase Agreement form - Posted by Glen SoCal

Real Estate Investing
#1

Posted by Gary C. on March 29, 2002 at 18:27:25:

Unfortunately, it is mandatory in California (Civil code 1695).

#2

Equity Purchase Agreement form - Posted by Glen SoCal

Posted by Glen SoCal on March 27, 2002 at 13:00:37:

I have a question about dating the Equity Purchase Agreement. It concerns the five day right of rescission. Two parts:

1)Is it legal to count the day the EP agreement is signed as one of the five days of the right to cancel if the greater part of the business day still remains? So to be clear, I’d count the day we signed, plus four more.

  1. My EP form allows two times of day to be entered for the right of rescission to end on the 5th day (CA), 8am or midnight. Does the choice of time chosen depend upon the time we signed five days prior?

Unrelated to the above, is the 5-day right of the sellers right of rescission for an Equity Purchase the same for all 50 states?

Thanks,

Glen

#3

I think I figured it out… - Posted by Glen Socal

Posted by Glen Socal on March 27, 2002 at 13:35:34:

I found an explaination…on the agreement…uh hem. It reads: The seller has the right to rescind by midnight five business day after the day of signing the EP agreement. Or until 8am the day of forclosure whichever comes first. I hope this gets buried in the pile quickly:-)

#4

Re: I think I figured it out… - Posted by Brent_IL

Posted by Brent_IL on March 28, 2002 at 02:04:20:

Is the five day right to rescind a law in your state?

If it’s not why are you using a contract that includes this? Is it a state-mandated contract?