Seller Nancy provides buyer Chris with a Maryland Residential Property Disclaimer Statement when the contract is signed on Monday. Chris receives and signs the disclaimer acknowledgment on Monday. On Wednesday, Chris's lender requires a property appraisal, and the appraiser notes significant water intrusion in the basement. Chris wants to rescind the contract. Under Maryland law, which of the following is most accurate?
Correct Answer
C) Chris can rescind within three days of receiving the disclaimer, meaning he has until Thursday to exercise this right
Under the Maryland Residential Property Disclosure and Disclaimer Act, Md. Code Ann., Real Prop. § 10-702, the buyer has three days to rescind after receiving the Disclaimer Statement. Chris received the disclaimer on Monday, so his three-day rescission period runs through Thursday (Monday + 3 days). The appraisal findings on Wednesday are irrelevant to the statutory rescission right — Chris can rescind within the three-day window for any reason or no reason at all. Wednesday is within the three-day period, so Chris still has the right to rescind.
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