Linda signed a purchase contract on Monday to buy a home in Chattanooga. The seller's agent delivered the Property Condition Disclosure form to Linda on Wednesday. Linda discovers information in the disclosure she finds concerning and wants to rescind. What is the last day Linda can exercise her rescission right under Tennessee law?
Correct Answer
B) Monday of the following week, counting three business days from Wednesday
Tennessee's Residential Property Disclosure Act gives the buyer three business days from receipt of the disclosure to rescind in writing. Counting Thursday, Friday, and the following Monday as the three business days after Wednesday's receipt makes Monday of the next week the last day to rescind.
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