§ 55-520. Time for disclosure; termination of contract.
A. The owner of residential real property subject to this chapter shalldeliver to the purchaser the written disclosure statement required by thischapter prior to the acceptance of a real estate purchase contract orotherwise be subject to the provisions of subsection B of this section. Forthe purposes of this chapter, "acceptance" means the full execution of areal estate purchase contract by all parties. The residential propertydisclosure statement may be included in the real estate purchase contract, inan addendum thereto, or in a separate document.
B. If the disclosure statement required by this chapter is delivered to thepurchaser after the acceptance of the real estate purchase contract, thepurchaser's sole remedy shall be to terminate the real estate purchasecontract at or prior to the earliest of (i) three days after delivery of thedisclosure statement in person; (ii) five days after the postmark if thedisclosure statement is deposited in the United States mail, postage prepaid,and properly addressed to the purchaser; (iii) settlement upon purchase ofthe property; (iv) occupancy of the property by the purchaser; (v) thepurchaser making written application to a lender for a mortgage loan wheresuch application contains a disclosure that the right of termination shallend upon the application for the mortgage loan; or (vi) the execution by thepurchaser after receiving the disclosure statement required by this chapterof a written waiver of the purchaser's right of termination under thischapter contained in a writing separate from the real estate purchasecontract. In order to terminate a real estate purchase contract whenpermitted by this chapter, the purchaser must, within the times required bythis chapter, give written notice to the owner either by hand delivery or byUnited States mail, postage prepaid, and properly addressed to the owner. Ifthe purchaser terminates a real estate purchase contract in compliance withthis chapter, the termination shall be without penalty to the purchaser, andany deposit shall be promptly returned to the purchaser.
C. Notwithstanding the provisions of subsection B of § 55-524, no purchaserof residential real property located in a noise zone designated on theofficial zoning map of the locality as having a day-night average sound levelof less than 65 decibels shall have the right to terminate a real estatepurchase contract pursuant to this section for failure of the property ownerto timely provide any disclosure required by § 55-519.1.
(1992, c. 717; 1993, c. 818; 2005, c. 510; 2007, c. 265.)
§ 55-520. Time for disclosure; termination of contract.
A. The owner of residential real property subject to this chapter shalldeliver to the purchaser the written disclosure statement required by thischapter prior to the acceptance of a real estate purchase contract orotherwise be subject to the provisions of subsection B of this section. Forthe purposes of this chapter, "acceptance" means the full execution of areal estate purchase contract by all parties. The residential propertydisclosure statement may be included in the real estate purchase contract, inan addendum thereto, or in a separate document.
B. If the disclosure statement required by this chapter is delivered to thepurchaser after the acceptance of the real estate purchase contract, thepurchaser's sole remedy shall be to terminate the real estate purchasecontract at or prior to the earliest of (i) three days after delivery of thedisclosure statement in person; (ii) five days after the postmark if thedisclosure statement is deposited in the United States mail, postage prepaid,and properly addressed to the purchaser; (iii) settlement upon purchase ofthe property; (iv) occupancy of the property by the purchaser; (v) thepurchaser making written application to a lender for a mortgage loan wheresuch application contains a disclosure that the right of termination shallend upon the application for the mortgage loan; or (vi) the execution by thepurchaser after receiving the disclosure statement required by this chapterof a written waiver of the purchaser's right of termination under thischapter contained in a writing separate from the real estate purchasecontract. In order to terminate a real estate purchase contract whenpermitted by this chapter, the purchaser must, within the times required bythis chapter, give written notice to the owner either by hand delivery or byUnited States mail, postage prepaid, and properly addressed to the owner. Ifthe purchaser terminates a real estate purchase contract in compliance withthis chapter, the termination shall be without penalty to the purchaser, andany deposit shall be promptly returned to the purchaser.
C. Notwithstanding the provisions of subsection B of § 55-524, no purchaserof residential real property located in a noise zone designated on theofficial zoning map of the locality as having a day-night average sound levelof less than 65 decibels shall have the right to terminate a real estatepurchase contract pursuant to this section for failure of the property ownerto timely provide any disclosure required by § 55-519.1.
(1992, c. 717; 1993, c. 818; 2005, c. 510; 2007, c. 265.)
§ 55-520. Time for disclosure; termination of contract.
A. The owner of residential real property subject to this chapter shalldeliver to the purchaser the written disclosure statement required by thischapter prior to the acceptance of a real estate purchase contract orotherwise be subject to the provisions of subsection B of this section. Forthe purposes of this chapter, "acceptance" means the full execution of areal estate purchase contract by all parties. The residential propertydisclosure statement may be included in the real estate purchase contract, inan addendum thereto, or in a separate document.
B. If the disclosure statement required by this chapter is delivered to thepurchaser after the acceptance of the real estate purchase contract, thepurchaser's sole remedy shall be to terminate the real estate purchasecontract at or prior to the earliest of (i) three days after delivery of thedisclosure statement in person; (ii) five days after the postmark if thedisclosure statement is deposited in the United States mail, postage prepaid,and properly addressed to the purchaser; (iii) settlement upon purchase ofthe property; (iv) occupancy of the property by the purchaser; (v) thepurchaser making written application to a lender for a mortgage loan wheresuch application contains a disclosure that the right of termination shallend upon the application for the mortgage loan; or (vi) the execution by thepurchaser after receiving the disclosure statement required by this chapterof a written waiver of the purchaser's right of termination under thischapter contained in a writing separate from the real estate purchasecontract. In order to terminate a real estate purchase contract whenpermitted by this chapter, the purchaser must, within the times required bythis chapter, give written notice to the owner either by hand delivery or byUnited States mail, postage prepaid, and properly addressed to the owner. Ifthe purchaser terminates a real estate purchase contract in compliance withthis chapter, the termination shall be without penalty to the purchaser, andany deposit shall be promptly returned to the purchaser.
C. Notwithstanding the provisions of subsection B of § 55-524, no purchaserof residential real property located in a noise zone designated on theofficial zoning map of the locality as having a day-night average sound levelof less than 65 decibels shall have the right to terminate a real estatepurchase contract pursuant to this section for failure of the property ownerto timely provide any disclosure required by § 55-519.1.
(1992, c. 717; 1993, c. 818; 2005, c. 510; 2007, c. 265.)
