Sandra is selling her single-family home in Grand Rapids. She signs a purchase agreement with a buyer on Monday morning but has not yet provided the Seller's Disclosure Statement. She delivers the completed disclosure form to the buyer on Wednesday afternoon. By what time must the buyer deliver written notice of rescission if he wishes to exercise his right under the Michigan Seller Disclosure Act?
Correct Answer
A) By Thursday afternoon, 72 hours after receiving the disclosure statement
Under MCL 565.957, the buyer's 72-hour right of rescission is triggered by receipt of the Seller's Disclosure Statement, not by the signing of the purchase agreement. Since the buyer received the disclosure on Wednesday afternoon, the 72-hour window expires on Thursday afternoon. The buyer must deliver written notice of rescission before that deadline.
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Related Topics & Key Terms
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Related Concepts
A stigmatized property is one that has an undesirable reputation due to events that occurred on the property or nearby, such as a murder, suicide, alleged haunting, or proximity to a registered sex offender. The stigma is psychological, not physical.
An as-is clause in a real estate contract states that the buyer accepts the property in its current condition without requiring the seller to make any repairs. However, an as-is sale does NOT eliminate the seller's obligation to disclose known defects.
Asbestos disclosure involves informing buyers about the presence of asbestos-containing materials (ACMs) in a property. Asbestos was commonly used in construction materials before 1980 and poses health risks when fibers become airborne.
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