Sandra is purchasing a single-family home in Grand Rapids. The seller has just handed her the completed Seller's Disclosure Statement at the time they both signed the purchase agreement. Sandra is unhappy with several items disclosed and wants to cancel the deal. Under the Michigan Seller Disclosure Act, how long does Sandra have to rescind the purchase agreement without penalty?
Correct Answer
A) 72 hours after receiving the Seller's Disclosure Statement
Under the Michigan Seller Disclosure Act (MCL 565.957), a buyer has 72 hours after receiving the Seller's Disclosure Statement to rescind the purchase agreement by delivering a written rescission notice to the seller or seller's agent. This right applies regardless of whether the disclosure was delivered before or at the time of signing the purchase agreement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
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