Dear Forms Committee: How do I calculate the buyer revocation period for OREF 020 – Seller’s Property Disclosure Statement?

Under the terms of the real estate sale agreement (see Section 13 of OREF – 001 Residential Sale Agreement), the buyer has five business days (unless the buyer has waived this right in writing) to revoke the buyer’s offer. This period begins after the effective date of the sale agreement AND the date the seller delivers a complete Seller’s Property Disclosure Statement.

Even if the Seller’s Property Disclosure Statement is delivered before the buyer and seller agree on the terms of the real estate sale agreement, the 5-day revocation period will not begin until the first full business day after the effective date because both events must occur.

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