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Legal Blog

The Legal Blog, brought to you by NVAR's Professional Standards department, helps you stay on top of the latest rules and regulations in the industry.

My client wants to order an updated packet. Can They?

Aug 16, 2016

Contract Issues

Question: My client wants to order an updated packet. Can They?

Answer: Well by now you know the answer: you may accept the packet or certificate as is, or you may cancel the contract. If you agree to accept it as is, the purchaser may be liable for any non-compliance with the association rules. While the statute provides for a three-day right of rescission upon receipt of the packet or certificate, it does not provide a right of rescission upon receipt of an update to the disclosure. So what can you do? When drafting an offer, add language to the contract that mirrors the right of rescission language for the packet or certificate, making it applicable for an update.
Group(s):
  • Contract Issues