Delaware License LawIntermediateDelaware Exam
If a Delaware seller fails to provide the required property disclosure, the buyer may:
AHave no recourse
BRescind the contract within 5 days of receiving the disclosureCorrect
CAutomatically receive a price reduction
DFile a complaint with the EPA
Why Rescind the contract within 5 days of receiving the disclosure Is Correct
Answer B: Rescind the contract within 5 days of receiving the disclosure
If the seller fails to timely provide the disclosure or provides a materially inaccurate one, the buyer has the right to rescind the contract within 5 days of receipt.
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Key Terms to Know
Escrow
A neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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