Under the C.A.R. RPA, a buyer in Napa is entitled to receive certain disclosures from the seller. If the seller delivers the Natural Hazard Disclosure (NHD) report by mail, how many days does the buyer have to rescind the contract after receipt under California Civil Code §1103.3?
Correct Answer
C) 5 days from mailing
Under California Civil Code §1103.3, when the Natural Hazard Disclosure is delivered by mail, the buyer has 5 days from the date of mailing to rescind the contract. This is the same rescission timeline as the TDS when delivered by mail under Civil Code §1102.3.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
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