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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