Question

When the Transfer Disclosure Statement (TDS) is delivered to a buyer after the seller enters into a purchase agreement, what may the buyer do?

1) Request additional information from the seller
2) Cancel the purchase agreement
3) Proceed with the purchase
4) None of the above

Answer 1

The buyer may request additional information, cancel the purchase agreement, or proceed with the purchase after receiving the Transfer Disclosure Statement.

Step-by-step explanation:

When the Transfer Disclosure Statement (TDS) is delivered to a buyer after the seller enters into a purchase agreement, the buyer may have several options:

1. Request additional information from the seller: If the buyer has any questions or requires more details about the property, they can request the seller to provide additional information.
2. Cancel the purchase agreement: If the buyer is not satisfied with the information provided in the TDS or discovers any major issues that were not disclosed, they have the right to cancel the purchase agreement.
3. Proceed with the purchase: If the buyer is satisfied with the information and is still interested in buying the property, they can proceed with the purchase.

Therefore, options 1), 2), and 3) are all possible actions that a buyer may take after receiving the Transfer Disclosure Statement.