74.3k views
3 votes
A buyer was given a property condition disclosure after he made an offer on a home. How many days must he be given to revoke the offer and have the earnest money he deposited returned?

a) 5 days.
b) 10 days.
c) 3 days.
d) 30 days.

User Vjangus
by
8.6k points

1 Answer

5 votes

Final answer:

The common period for a buyer to revoke an offer after receiving a property condition disclosure is often 3 days. This allows review of the property's disclosures and the option to rescind the offer if the property's condition is unsatisfactory.

Step-by-step explanation:

When a buyer is given a property condition disclosure after making an offer on a home, the specific timeframe in which they must be given to revoke the offer and have the earnest money returned varies by state law. However, a common period provided in many regions is 3 days (c). This is a standard contingency period that allows the buyer to review the disclosures and possibly rescind their offer if they find something unsatisfactory with the property's condition.

User Ashfaq
by
7.8k points