Real property sales: disclosures.

Existing law requires a seller of a single-family residence to make specified written disclosures to a prospective buyer. Existing law requires those disclosures to be delivered to the prospective buyer, in the case of a sale, as soon as practicable before transfer of title, or in the case of sale by a real property sales contract or by a lease together with an option to purchase, as soon as practicable before execution of the contract. Existing law, if any disclosure or material amendment of any disclosure is delivered after the execution of an offer to purchase, permits the prospective buyer to terminate the offer within 3 days after delivery of the disclosure or material amendment in person, or 5 days after delivery of the disclosure or material amendment by deposit in the mail or by electronic record. This bill would extend the timeframe for a prospective buyer to terminate an offer to 5 days after the delivery of the disclosure or material amendment in person, or 7 days after the delivery of the disclosure or material amendment by deposit in the mail or by electronic record.