Question

If a seller does not provide the buyer with a property condition disclosure, the buyer may cancel the transaction:

a) Within 3 business days of receiving the disclosure.
b) At any time before the closing.
c) Only if a significant issue is discovered.
d) Only if the buyer is a first-time homebuyer.

Answer 1

In real estate transactions, sellers are typically required to provide a property condition disclosure to buyers. If the seller fails to provide this disclosure, the buyer may have the right to cancel the transaction before the closing.

Step-by-step explanation:

In real estate transactions, sellers are typically required to provide a property condition disclosure to buyers. This disclosure includes information about the condition of the property, such as known defects or issues. If a seller fails to provide this disclosure, the buyer may have the right to cancel the transaction.

The correct answer to the question is b) At any time before the closing. If the buyer does not receive the property condition disclosure, they have the option to cancel the transaction before the closing takes place. This allows the buyer to protect themselves from potential property issues that were not disclosed by the seller.

For example, if the buyer discovers significant issues with the property after receiving the disclosure or before the closing, they can choose to cancel the transaction and seek a refund of any sums paid under the agreement.