Can Buyer agree to waive the three-day right of cancelation?

 

The Resale Disclosure Act was created to explicitly protect Buyers by giving them an adequate opportunity to see if the covenants of the association meet their needs as homeowners. It is NVAR’s position that Realtors® should not encourage their Buyers to waive or vary their statutory rights without a complete understanding of the risks that are involved. Please remember that according to Article 13 of the Code of Ethics, Realtors® are not allowed to provide legal advice to their clients and should instead recommend their clients seek legal counsel should they need it. Advising clients to waive rights awarded to them by the law based on legal interpretations by lawyers who do not represent your client may be an ethical violation or even an unauthorized practice of law.

Commercial Council