Legal Question in Real Estate Law in Texas

contracts and right of recisions

My college business law course taught me that the three parts of a contract are Offer Acepptence and Consideration. I just intered a rifinance on my home and at the closing I was told I would not get the funds until the mortgage was filled at the court house. A couple of days later I called and asked if the funds were availble and was told I was not out of the right of recision period. Now I wonder if I did not funds at closing I.E. consideration doesn't the right of recisions begin when I I recieve the consideration and complete the three part to the contract? I not wanting out of the loan I just wondering.


Asked on 3/14/07, 1:18 pm

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: contracts and right of recisions

"Consideration" takes many forms. The promise to make the loan would be consideration. It is not necessarily the funding of the loan, however, that would be a contractual obligation...another animal altogether.

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Answered on 3/14/07, 6:51 pm


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