Maria is selling her duplex in Eugene, Oregon. She delivers the completed Seller's Property Disclosure Statement to the buyer, Kevin, after Kevin has already signed a purchase agreement. Under ORS 105.475, what right does Kevin have upon receiving the disclosure?
Correct Answer
A) Kevin may rescind the purchase agreement within three business days of receiving the disclosure
Under ORS 105.475, if the seller delivers the disclosure statement after the buyer has signed a purchase agreement, the buyer has the right to rescind the agreement within three business days of receiving the disclosure. This rescission right exists precisely because the disclosure was not provided before the offer was made.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Death on property disclosure addresses whether sellers must inform buyers about deaths that occurred on the property, including natural deaths, suicides, and murders. Requirements vary significantly by state.
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.
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