A seller delivers a completed Form 17 Seller Disclosure Statement to the buyer on a Monday morning. Under Washington's Seller Disclosure Act (RCW 64.06), what is the last day on which the buyer may exercise the right to rescind the purchase and sale agreement based on the disclosure?
Correct Answer
B) Thursday of the same week, by midnight
Under RCW 64.06.013, the buyer may rescind within three business days after receiving the completed Form 17 Seller Disclosure Statement. If the form is delivered Monday morning, the three business-day period runs Tuesday, Wednesday, and Thursday, so the last day to rescind is Thursday by midnight. Saturday is a calendar-day distractor and is not the correct business-day deadline.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
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