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In contract law, rescission is an equitable remedy which allows a contractual party to cancel the contract. Parties may rescind if they are the victims of a vitiating factor, such as misrepresentation, mistake, duress, or undue influence. Rescission is the unwinding of a transaction.
A notice of rescission is a form given with the intention of terminating a contract, provided that the contract entered into is a voidable one. It releases the parties from obligations set forth in the contract, effectively restoring them to the positions they were in before the contract existed.
Once the transfer is complete, there is no way to nullify or undo a quitclaim deed unless both parties consent to the arrangement. If the original grantor does agree to take back the property, you must draft and file a new quitclaim deed to void the original.
A Standard Clause providing model language that can be used in a complaint to plead a claim for relief based on rescission of a contract under California law. This Standard Clause has integrated notes with important explanations and drafting tips.
Completion of new construction or a change in ownership (?CIO?) triggers a reassessment to a new Base Year Value equal to the current fair market value, meaning higher property taxes.
Requirements for Deed Rescission A rescission must be performed within a reasonable amount of time. Since each situation is unique, rescissions will be handled on a case-by-case basis, and a County Assessor will determine whether a rescission was completed promptly and within a reasonable time period.
Rescission allows a nonbreaching party to cancel the contract as a remedy for a breach. Rather than seeking monetary damages, the nonbreaching party can simply refuse to complete their end of the bargain. Rescission puts the parties back in the position they would have been in had they never entered into the contract.
Rescission is a remedy granted to a plaintiff in the case of fraud, innocent misrepresentation, or because of some other action on the defendant's behalf that amounts to undue influence, unconscionability, or makes the bargain questionable on some other equitable grounds.
Take the death certificate, change of ownership form and the affidavit to your county recorder's office. Pay the required fees to the recorder clerk. The recorder clerk verifies the documents and makes the changes accordingly before mailing you an updated deed.
The notice of rescission of reconveyance shall identify the deed of trust and the deed of reconveyance, the identification numbers used by the recorder or the books and pages at which the deed of trust and the deed of reconveyance are recorded, the names of all trustors and beneficiaries, and a statement that the