A buyer in Roseville enters into a C.A.R. RPA and the seller delivers the Transfer Disclosure Statement (TDS) on day 5 after acceptance. Under California Civil Code §1102.3, how many days does the buyer have to rescind the contract after receiving the TDS if delivered in person?
Correct Answer
A) 3 days from delivery
Under California Civil Code §1102.3, after personal delivery of the TDS, the buyer has 3 days to rescind the contract based on information contained in the disclosure. If the TDS is delivered by mail, the rescission period extends to 5 days.
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Related Topics & Key Terms
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Related Concepts
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
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