Sarah is purchasing a single-family home in Nashville. The seller provides the Property Condition Disclosure form to Sarah two days after the purchase contract is signed. What right does Sarah have under Tennessee law?
Correct Answer
D) Sarah may rescind the contract within three business days of receiving the disclosure form
Under Tenn. Code Ann. § 66-5-210, when the seller delivers the Property Condition Disclosure form after contract execution, the buyer has three business days from receipt to rescind the contract without penalty. Sarah's rescission right is triggered automatically by the late delivery of the disclosure, regardless of its contents.
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Related Topics & Key Terms
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Related Concepts
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."
A material defect is a condition that significantly affects the value, desirability, or safety of a property and that would likely influence a reasonable buyer's decision to purchase or the price they would pay.
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