Tom is a buyer who receives a Transfer Disclosure Statement from the seller of a home in Bakersfield, California. The TDS is delivered to Tom by mail. Under California Civil Code §1102.3, how many days does Tom have to exercise his right to rescind the purchase agreement after receiving the TDS?
Correct Answer
A) 5 days
Under California Civil Code §1102.3, when the TDS is delivered by mail, the buyer has 5 days to rescind the purchase agreement. The 5-day period begins when the buyer receives the mailed TDS.
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Related Topics & Key Terms
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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.
HOA disclosure requires informing buyers about the existence, rules, fees, financial health, and restrictions of a homeowners association governing the property. This information helps buyers understand their obligations before purchase.
The Lead-Based Paint Disclosure is a federally mandated disclosure required for all residential properties built before 1978. Sellers and landlords must disclose known lead-based paint hazards and provide the EPA pamphlet "Protect Your Family From Lead in Your Home."
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Previous Question
A California seller is aware that their single-family home was previously used as a methamphetamine manufacturing site. The property has since been cleaned, but no certificate of clearance has been issued. Under California Health and Safety Code §25400.28, what is the seller's disclosure obligation?
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A listing agent in California is preparing to complete the agent visual inspection section of the TDS for a property in Stockton. The home has a locked crawl space under the house that is not accessible without tools. Under Cal. Civil Code §2079, is the agent required to inspect this crawl space?