Under the Maryland Residential Property Disclosure and Disclaimer Act, a seller chooses to provide a Disclaimer Statement rather than a Disclosure Statement. A buyer receives the Disclaimer Statement on April 5th. The buyer subsequently performs a home inspection that reveals significant foundation issues. The buyer wishes to rescind the contract based on the Disclaimer Statement. Under Maryland law, what is the deadline for the buyer to exercise this right of rescission?
Correct Answer
B) April 10th, because the buyer has 5 days after receiving the Disclaimer Statement to rescind
Under the Maryland Residential Property Disclosure and Disclaimer Act, the buyer has five days after receiving the Disclaimer Statement to rescind under that statutory right. A buyer who received the Disclaimer Statement on April 5 has until April 10. The correct answer is B.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
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