Sandra is purchasing a condominium unit in Seattle. The seller delivers both the Form 17 Seller Disclosure Statement and the condominium resale certificate on the same day. Sandra wants to know the maximum time she has to rescind based on each document. Which of the following correctly states the rescission periods applicable to Sandra's purchase?
Correct Answer
B) Three business days for Form 17; five business days for the resale certificate
Under RCW 64.06.013, the buyer has three business days to rescind after receiving Form 17. Under the Washington Condominium Act (RCW 64.34), a buyer of a resale condominium who receives a resale certificate has five business days to rescind. These are two separate and distinct rescission rights with different timeframes, and Sandra can exercise either right within its applicable window.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Fair housing laws apply to a broad range of activities related to housing, including sale, rental, financing, and advertising.
A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
Many states and localities have fair housing laws that expand upon the protections offered by the federal Fair Housing Act.
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