§ 5-80-4 - Contract cancellation. - Rhode Island Statutes

SECTION 5-80-4

   § 5-80-4  Contract cancellation. – (a) In addition to any other right of rescission, the foreclosed homeowner hasthe right to cancel any contract with a foreclosure purchaser until midnight ofthe fifth (5th) business day following the day on which the foreclosedhomeowner signs a contract that complies with §§ 5-80-1 – 5-80-6or until 8:00 a.m. on the last day of the period during which the foreclosedhomeowner has a right of redemption, whichever occurs first.

   (b) Cancellation occurs when the foreclosed homeownerdelivers, by any means, written notice of cancellation to addresses specifiedin the contract.

   (c) A notice of cancellation given by the foreclosedhomeowner need not take the particular form as provided with the contract.

   (d) Within ten (10) days following the receipt of a notice ofcancellation given in accordance with this section, the foreclosure purchasershall return without condition any original contract and any other documentssigned by the foreclosed homeowner.