A Washington Purchase and Sale Agreement states that the seller will provide a completed Seller Disclosure Statement (Form 17) within five days of mutual acceptance. The buyer receives Form 17 on a Tuesday. Under RCW 64.06, by what day must the buyer exercise the right to rescind if they find the disclosures unacceptable?
Correct Answer
A) By Friday of the same week (three business days after receipt)
Under RCW 64.06.013, a buyer who receives the Seller Disclosure Statement (Form 17) has three business days to rescind the Purchase and Sale Agreement. If the buyer receives Form 17 on Tuesday, the three business days are Wednesday, Thursday, and Friday — making Friday the last day to exercise rescission rights. This is a Washington-specific statutory right that is frequently tested.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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