§508D-5  Delivery of disclosure statement to
buyer; procedures.  (a)  No later than ten calendar days from acceptance of
a real estate purchase contract, the seller, either directly or through the
seller's agent, shall provide the disclosure statement to the buyer.



(b)  Upon receipt of the disclosure statement,
the buyer shall have fifteen calendar days to:



(1)  Examine the disclosure statement; and



(2)  Decide whether to rescind the real estate
purchase contract.



If the buyer decides to rescind the real estate
purchase contract, the buyer shall deliver to the seller directly or through
the seller's agent within the fifteen-day period written notification of the
buyer's decision to rescind the real estate purchase contract.  Failure to
deliver the written notification to the seller within the fifteen-day period
shall be deemed an acceptance of the disclosure statement.  Any rescission made
pursuant to this subsection shall be without loss of deposits to the buyer
which deposits shall be immediately returned to the buyer.



(c)  The seller and buyer may agree in writing
to reduce or extend the time period provided for the delivery or examination
and rescission period.  The form of the receipt for the disclosure statement
required by section 508D-4(2) shall provide that the buyer shall have the right
to examine the disclosure statement and to rescind the real estate purchase
contract in accordance with this section. [L 1994, c 214, pt of §2; am L 1996,
c 161, §5]