Jennifer submits an offer on a home in Carmel, Indiana on a Friday afternoon. The seller's broker delivers the Indiana Seller's Residential Real Estate Sales Disclosure Form to Jennifer at 4:00 PM that same Friday, and the seller accepts Jennifer's offer at 5:00 PM Friday. After reviewing the form over the weekend, Jennifer discovers disclosed issues she finds unacceptable. By what time must Jennifer rescind her offer to exercise her statutory right under Indiana law?
Correct Answer
B) By end of business on Tuesday, 2 business days after receipt on Friday
Under IC 32-21-5, Jennifer has 2 business days from receipt of the disclosure form to rescind her offer. She received the form on Friday. Saturday and Sunday are not business days. Therefore, the first business day after Friday is Monday, and the second business day is Tuesday. Jennifer must rescind by end of business on Tuesday to exercise her statutory rescission right.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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."
A material defect is a condition that significantly affects the value, desirability, or safety of a property and that would likely influence a reasonable buyer's decision to purchase or the price they would pay.
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