I purchased a house on a sales agreement and need to know if there is a legal way to back out of the sale.

Answered on Dec 19, 2010

TILA (Reg Z) has a 3 day right to rescission for certain consumer lending transactions. The lender is required to give certain notices, which tolls the time period. Obviously this does not have a broad coverage and there are a number of other variables. It all depends on the circumstances of the transaction you mentioned, a number of facts are not stated. Regardless, you would have to find an attorney who handles these matters immediately.

Timothy P. Brennan, Esq.
Croslis & Brenn an Law Offices
2030 Tilghman Street, Suite 203
Allentown, PA 18104