Maria is selling her single-family home in Henderson, Nevada. She completed the Seller's Real Property Disclosure Form and delivered it to the buyer, Jason. Jason reviewed the form and decided he wants to cancel the purchase agreement solely because of information disclosed in the form. Under NRS Chapter 113, within how many days of receiving the disclosure form may Jason cancel the agreement without penalty?
Correct Answer
A) 5 calendar days after receiving the disclosure form
Under NRS 113.135, after receiving the Seller's Real Property Disclosure Form, the buyer has 5 calendar days to rescind the purchase agreement without penalty if the buyer is not satisfied with the disclosures. This is a Nevada-specific statutory right that protects buyers upon receipt of the seller's disclosure.
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Related Topics & Key Terms
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Related Concepts
Radon disclosure involves informing buyers about the presence or potential presence of radon gas in a property. Radon is a naturally occurring radioactive gas that can accumulate in buildings and is the second leading cause of lung cancer.
Fair housing laws apply to a broad range of activities related to housing, including sale, rental, financing, and advertising.
A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
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