A seller in Michigan is selling a home that was previously used as an illegal drug manufacturing site. The seller fully disclosed this fact on the Seller's Disclosure Statement. The buyer received the disclosure after signing the purchase agreement and did not rescind within 72 hours. The buyer now wants to rescind one week after receiving the disclosure, claiming the property's former use as a drug lab constitutes a material defect. Under the Michigan Seller Disclosure Act, which of the following is the most accurate statement about the buyer's position?

Correct Answer

D) The buyer has lost the right to rescind under the Michigan Seller Disclosure Act because the 72-hour rescission period has expired without the buyer exercising that right

Under MCL 565.957, the buyer's right of rescission under the Michigan Seller Disclosure Act is strictly limited to 72 hours from receipt of the disclosure statement. This period is not extended or suspended based on the severity or nature of the disclosed defect. Since the seller fully disclosed the prior drug manufacturing use and the buyer received the disclosure but did not rescind within 72 hours, the statutory rescission right has expired. The buyer's only remaining remedies would be through contract law or other legal theories, not the Seller Disclosure Act rescission right.