When Can You Rescind a Real Property Purchase Agreement?
Sometimes rescission of a property purchase is better than suing for damages, which could limited to the difference between the price paid and the value of the property received, advises Khanh Tran on the blog of Continuing Education of the Bar ● California.
Although rescission makes particular sense when recouping the purchase price is more important than living in the house, it’s not always available, he writes. He advises checking to see if certain common grounds for rescission in the real property sales context apply.
Those grounds include mutual consent, mistake, fraud, failure of consideration, illegality and prejudice to public interest.
