Post
Closing
Once the documents are signed, we enter into the post
closing phase of the transaction. If the transaction was a purchase
or a refinance of an investment property, there is no right of
rescission. We will record the new deed and mortgage(s) at the
registry of deeds and the funds will be dispersed. If the
transaction is a refinance of an owner occupied property, the
borrower has a statutory right of rescission. This rescission period
lasts for three business days after the closing date. During this
period, the borrower has the right to cancel the transaction without
penalty. On the fourth business day after the closing, the
rescission period is over and the borrower no longer has the option
of terminating the transaction. At that point, Cherry Tree will
record the deed and
mortgage(s) at the registry of deeds and the transaction will be
complete.