Carlos is purchasing a home in Medford, Oregon. He receives the Seller's Property Disclosure Statement from the seller on a Monday. He reads it carefully and notices the seller disclosed a previous basement flooding issue that has since been repaired. Carlos is uncomfortable with this and wants to cancel the transaction. Assuming the disclosure was delivered after Carlos signed the purchase agreement, what is the latest day Carlos can deliver written notice of rescission to the seller?
Correct Answer
A) Thursday of the same week, because the rescission period is three business days
Under ORS 105.475, when a seller delivers the disclosure statement after the buyer has signed a purchase agreement, the buyer has three business days from receipt to deliver written notice of rescission. If Carlos received the disclosure on Monday, the three business days would be Tuesday, Wednesday, and Thursday. Therefore, Thursday is the last day Carlos can rescind.
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Related Topics & Key Terms
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Related Concepts
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.
The Lead-Based Paint Disclosure is a federally mandated disclosure required for all residential properties built before 1978. Sellers and landlords must disclose known lead-based paint hazards and provide the EPA pamphlet "Protect Your Family From Lead in Your Home."
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