Under California Civil Code §1102.3, a buyer receives the Transfer Disclosure Statement via personal delivery before the close of escrow. How many days does the buyer have to rescind the purchase agreement?
Correct Answer
C) 3 calendar days from personal delivery
Under California Civil Code §1102.3, when the TDS is delivered in person, the buyer has 3 calendar days to rescind the purchase agreement. This rescission right exists regardless of whether any defect is discovered — it runs from the moment of delivery. The 3-day period is measured in calendar days, not business days.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Death on property disclosure addresses whether sellers must inform buyers about deaths that occurred on the property, including natural deaths, suicides, and murders. Requirements vary significantly by state.
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
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Previous Question
Maria is selling her single-family home in Sacramento. Her listing agent, James, provides her with a Transfer Disclosure Statement (TDS) form. Under California Civil Code §1102.6, which portion of the TDS is Maria, as the seller, responsible for completing?
Next Question
Under California Civil Code §1102.2, several types of real property transfers are exempt from the Transfer Disclosure Statement requirement. Which of the following transactions is NOT exempt from the TDS requirement?