A buyer receives a Transfer Disclosure Statement via personal delivery on a Thursday. Under California Civil Code §1102.3, by what day must the buyer exercise the right to rescind?
Correct Answer
C) The following Sunday (3 calendar days from delivery)
Under California Civil Code §1102.3, when the TDS is delivered by personal delivery, the buyer has 3 calendar days to rescind. The day of delivery is not counted as the first day; counting begins the following day. Delivered Thursday means Day 1 = Friday, Day 2 = Saturday, Day 3 = Sunday. The statute specifies calendar days, so weekends are included and the deadline falls on Sunday.
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Key Terms:
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Previous Question
George, a California seller, completes the TDS for his home in Anaheim. He marks 'Yes' to the question about whether he is aware of any room additions or structural modifications. He then writes that he added a bedroom and bathroom three years ago with a building permit. Under California law, is this disclosure adequate?
Next Question
A California listing agent conducts a visual inspection and notices no visible defects. However, the agent knows from a previous transaction two years ago that the neighboring property had serious soil contamination that extended to the boundary of the current listing. The seller is unaware of this issue. Under California law, what is the listing agent's obligation?