Under Tennessee law, how many days does a buyer have to rescind a contract after receiving the Property Condition Disclosure form from the seller following contract execution?
Correct Answer
B) Three business days
Under Tenn. Code Ann. § 66-5-210, when the seller delivers the Property Condition Disclosure form after the contract has been executed, the buyer has three business days from receipt to rescind the contract without penalty. This rescission right is triggered only when the disclosure is delivered after contract signing.
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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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