Kevin is purchasing a home in Sparks, Nevada. The seller delivers the Seller's Real Property Disclosure Form to Kevin on Monday, March 3rd. Kevin reviews the form and discovers that the seller disclosed a history of flooding in the basement. Kevin decides he wants to cancel the purchase agreement based on this disclosure. What is the absolute last day Kevin can exercise his statutory right to cancel under NRS Chapter 113?
Correct Answer
B) Saturday, March 8th
Under NRS 113.135, the buyer has 5 calendar days after receiving the Seller's Real Property Disclosure Form to rescind the purchase agreement. Counting 5 calendar days from Monday, March 3rd: Day 1 = Tuesday March 4th, Day 2 = Wednesday March 5th, Day 3 = Thursday March 6th, Day 4 = Friday March 7th, Day 5 = Saturday March 8th. The deadline is Saturday, March 8th. The period is measured in calendar days, not business days, so weekends are included.
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Related Topics & Key Terms
Key Terms:
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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