A buyer in California receives the TDS from the seller of a home in Sacramento. The TDS was hand-delivered to the buyer on Wednesday. The buyer reviews it and wants to rescind. Under California Civil Code §1102.3, what is the last day the buyer can exercise the rescission right?
Correct Answer
A) Saturday of the same week
Under California Civil Code §1102.3, the buyer has 3 days to rescind after personal delivery of the TDS. Hand-delivered on Wednesday, the 3-day period ends on Saturday. The statute uses calendar days, not business days.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
Protected classes are groups of people who are legally shielded from discrimination based on specific characteristics.
Radon disclosure involves informing buyers about the presence or potential presence of radon gas in a property. Radon is a naturally occurring radioactive gas that can accumulate in buildings and is the second leading cause of lung cancer.
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Previous Question
Under California Civil Code §1102.6, which of the following categories of information is a seller required to address when completing the Transfer Disclosure Statement (TDS) for a residential property?
Next Question
Under California Civil Code §1102.3, a seller must amend the Transfer Disclosure Statement if the seller becomes aware of new information after the original TDS is delivered. Which of the following does NOT trigger an obligation to amend the TDS?