when is a disclosure legal and when is it null?
Full Question:
I was in the process of purchasing a townhouse in Washington State. I had given them my earnest money, and things were proceeding smoothly. The owner presented me with a disclosure on the siding of the home. The siding was involved in a class action suit, and they gave me a disclosure asking me if this was OK, or not OK. I said it was not OK, since the siding is bad on the home. The are refusing to give me my earnest money back, saying that they did not have to disclose the information. What I am wondering is, when is a disclosure legal, and when is it nul? Before the loan closes, or can they refuse, even tho, I said I no longer wanted the home, since it had a problem. In Washington,do they need to disclose? and if not, since they did,do I have the right to change my mind? They are now suing me for over $4,000. What are my rights in this?
08/15/2007 |
Category: Real Property ยป Residential ... |
State: Oregon |
#7966
Answer:
The following is a WA statute:
Delivery of disclosure statement — Buyer's options — Time frame.
Unless the buyer has expressly waived the right to receive the disclosure statement, not later than five business days or as otherwise agreed to, after mutual acceptance of a written agreement between a buyer and a seller for the purchase and sale of residential real property, the seller shall deliver to the buyer a completed, signed, and dated real property transfer disclosure statement. Within three business days, or as otherwise agreed to, of receipt of the real property transfer disclosure statement, the buyer shall have the right to exercise one of the following two options: (1) Approving and accepting the real property transfer disclosure statement; or (2) rescinding the agreement for the purchase and sale of the property, which decision may be made by the buyer in the buyer's sole discretion. If the buyer elects to rescind the agreement, the buyer must deliver written notice of rescission to the seller within the three-business-day period, or as otherwise agreed to, and upon delivery of the written rescission notice the buyer shall be entitled to immediate return of all deposits and other considerations less any agreed disbursements paid to the seller, or to the seller's agent or an escrow agent for the seller's account, and the agreement for purchase and sale shall be void. If the buyer does not deliver a written recision notice to [the] seller within the three-business-day period, or as otherwise agreed to, the real property transfer disclosure statement will be deemed approved and accepted by the buyer.
