A seller in Grand Rapids is selling a single-family home built in 1975. The seller completes a Seller's Disclosure Statement and delivers it to the buyer before the purchase agreement is signed. The buyer reviews the statement and notices the seller checked 'unknown' for the presence of lead-based paint. Under the Michigan Seller Disclosure Act, what is the buyer's right upon receiving this disclosure?
Correct Answer
B) The buyer may rescind the purchase agreement within 72 hours of receiving the disclosure statement.
Under the Michigan Seller Disclosure Act, Act 92 of 1993 (MCL 565.957), a buyer has the right to rescind a purchase agreement within 72 hours of receiving the Seller's Disclosure Statement. This right applies regardless of when the disclosure is delivered, as long as the buyer has not yet waived this right in writing.
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