What happens if the Resale Disclosure Packet is outdated or incomplete?

 

If the buyer receives a packet that is outdated or incomplete, the clock starts. In the event that the seller delivers to the buyer a resale disclosure packet that does not contain all of the information and documents specified in the statute, the buyer does not have the right to refuse acceptance of the disclosure packet. The statute specifically provides that it is the seller’s obligation to prove delivery but does not permit the buyer to refuse receipt or acceptance.

The buyer may request an update at the buyer’s expense. However, the buyer’s request for an update does not extend the three-day rescission period. If the buyer is uncomfortable proceeding to settlement with an incomplete or outdated disclosure packet, the buyer’s remedy under the statutes is to exercise the right of rescission and void the contract.

Commercial Council