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California Civil Code Section 1803.9

Legal Research Home > California Laws > Civil Code > California Civil Code Section 1803.9

1803.9.  If it is explicitly understood between the seller and the
buyer that all or any part of the cash price will be paid from the
proceeds of a loan to be obtained by the buyer from a third party,
the contract of sale or purchase order may be rescinded at the
election of the buyer, and all considerations thereupon shall be
returned by the respective parties without further demand, if the
buyer is unable to obtain such third-party financing upon reasonable
terms after having made a reasonable effort to obtain it, and buyer
notifies the seller of the rescission within three business days.



1803.9.  If it is explicitly understood between the seller and the
buyer that all or any part of the cash price will be paid from the
proceeds of a loan to be obtained by the buyer from a third party,
the contract of sale or purchase order may be rescinded at the
election of the buyer, and all considerations thereupon shall be
returned by the respective parties without further demand, if the
buyer is unable to obtain such third-party financing upon reasonable
terms after having made a reasonable effort to obtain it, and buyer
notifies the seller of the rescission within three business days.

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Last modified: March 17, 2014