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To cancel the contract, you must notify the seller in writing no later than midnight of the third business day after you signed the contract. The seller must return your payment within ten business days after receipt of your cancellation notice.

The FTC's three-day cooling-off period applies to sales of goods priced at $25 or more. It does not apply to sales of real estate, insurance, securities, or emergency home repairs. In Massachusetts, there are similar three-day rights for door-to-door sales.

The three-day cancellation rule permits borrowers to renege on certain mortgage agreements within three days without financial penalty. This right applies when the borrower's principal residence is used as collateral and is provided on a no-questions-asked basis.

A purchase & sale agreement (P&S) is a legal document prepared and agreed to by attorneys representing both the buyer and seller in the home purchase transaction. The P&S is signed by both the buyer and seller, and will include final sale price and all terms of the purchase.

For rescission purposes, business days include Saturdays but not Sundays or legal public holidays. For example, if the events listed above take place on a Friday, you have until midnight on the next Tuesday to rescind.

The amendment can be created to meet your specific needs for your deal. Typically you would have an attorney draft up an amendment if it's not already included in the original PSA document. Once the amendment to a purchase and sale agreement is drafted, it will be signed by both parties to become legally binding.