A California seller delivers the TDS to a buyer before the buyer signs the purchase agreement. After the buyer signs, the seller discovers a cracked sewer line and sends an amended TDS by mail on Monday. Under California law, when does the buyer's new rescission period expire?
Correct Answer
A) Saturday of the same week (5 calendar days from the mailing date)
Under California Civil Code §1102.3, when an amended TDS is delivered by mail, the buyer has 5 calendar days to rescind. Mailed on Monday, the 5th calendar day is Saturday. The statute uses calendar days, not business days.
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Previous Question
Susan is selling her home in Riverside. Her listing agent, David, discovers during his visual inspection that the garage has been converted into a living space with a kitchenette. Susan says she did the conversion herself five years ago. David checks county records and finds no building permit. How should David handle this?
Next Question
California Civil Code §1102.2 exempts certain property transfers from the TDS requirement. A seller is trying to determine whether the TDS applies to their transaction. Which of the following transfers is most likely to present a genuine legal question about whether a TDS exemption applies?