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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.

All comments and responses from OREF or its staff, managers, and volunteers are non-legal opinions made for general purposes. Each Forms subscriber must rely solely upon their Principal broker or personal legal counsel for specific advice and instruction. You and your client should independently confirm that the Form(s) you use are legally suitable for the purposes intended and that they are current with respect to all laws and regulations.