David is purchasing a single-family home in Spokane. He signs the purchase and sale agreement on Monday and receives the completed Form 17 from the seller on Wednesday. On Friday — two business days after receiving Form 17 — David discovers a neighbor dispute mentioned in the disclosure that concerns him. He notifies his broker that he wants to cancel the transaction. Which of the following statements best describes David's legal position under Washington law?
Correct Answer
B) David can rescind because he is still within the three-business-day statutory rescission window under RCW 64.06.013.
Under RCW 64.06.013, a buyer has three business days from receipt of the completed Form 17 to rescind the purchase and sale agreement, regardless of when the agreement was signed. David received Form 17 on Wednesday, and Friday is only Day 2 of the three-business-day window. He is still within the rescission period and may cancel without penalty.
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Related Concepts
A stigmatized property is one that has an undesirable reputation due to events that occurred on the property or nearby, such as a murder, suicide, alleged haunting, or proximity to a registered sex offender. The stigma is psychological, not physical.
An as-is clause in a real estate contract states that the buyer accepts the property in its current condition without requiring the seller to make any repairs. However, an as-is sale does NOT eliminate the seller's obligation to disclose known defects.
Asbestos disclosure involves informing buyers about the presence of asbestos-containing materials (ACMs) in a property. Asbestos was commonly used in construction materials before 1980 and poses health risks when fibers become airborne.
More Mandated Disclosures Questions
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