Under the Michigan Seller Disclosure Act, after a buyer receives the Seller's Disclosure Statement, how long does the buyer have to rescind the purchase agreement?
Correct Answer
C) 72 hours after receiving the disclosure statement
Under MCL 565.957, a buyer who receives the Seller's Disclosure Statement has 72 hours from receipt to rescind the purchase agreement by delivering written notice of rescission to the seller or the seller's agent. This right applies when the disclosure is received after the purchase agreement is signed.
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Related Topics & Key Terms
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Related Concepts
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
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.
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