A seller in Yakima, Washington accepts a buyer's written offer and signs the acceptance. The seller's designated broker then discovers that the property has a material defect that the seller had previously disclosed on the Form 17 Seller Disclosure Statement. The buyer has not yet received the Form 17. Which of the following best describes the buyer's rights?
Correct Answer
C) The buyer has three business days to rescind after receiving the completed Form 17 under RCW 64.06.
Under RCW 64.06, the Seller Disclosure Act, a buyer of residential real property in Washington has the right to rescind the purchase and sale agreement within three business days of receiving the completed Seller Disclosure Statement (Form 17). This right exists regardless of whether a contract has already been signed — the statutory rescission right is triggered by receipt of the Form 17, not by the timing of offer and acceptance. The buyer need not provide any reason for rescission during this three-business-day window.
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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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