Legal Question in Real Estate Law in California

Re: right to resind law,told I dont have one?

The right of rescission to which you refer is probably the three-day right required by the Federal Truth-in-Lending Act. The Act contains several exceptions to the requirement that the borrower be given a three-day rescission right. These include (1) loans where the primary purpose of the loan is business, rather than personal, use of the proceeds; and (2) loans which are not secured by the borrower's primary residence.

I don't know whether the Oregon property is or is not your primary residence or intended to become your primary residence upon closing of the loan, but my hunch is that this is the reason the lender is saying the TILA rescission provisions don't apply.

Lenders need to be very careful here; if they make a mistake and don't comply with TILA in full, including giving you a rescission right when they should have, the borrower has a substantial claim against the lender, including a statutory right to rescind for three years.

The lender should give you the reason why TILA doesn't apply in addition to just stating that it doesn't.

Re: right to resind law,told I dont have one?

No right to rescind for purchases in Cal. The right to rescind exists for refinancing.