Rescission By Transferee

TITLE 55 PROPERTY IN GENERAL CHAPTER 25 PROPERTY CONDITION DISCLOSURE ACT 55-2515. Rescission by transferee. Subject to section 55-2504 , Idaho Code, if a transferee of residential real property receives a property disclosure form or an amendment of that form as described in section 55-2508 , Idaho Code, after the transferee has entered into a transfer agreement with respect to the property, the transferee, after his receipt of the form or amendment may rescind the transfer agreement in a written, signed and dated document that is delivered to the transferor or his agents in accordance with section 55-2510 , Idaho Code. Transferee’s rescission must be based on a specific objection to a disclosure in the disclosure statement. The notice of rescission shall specifically identify the disclosure objected to by the transferee. Transferee incurs no legal liability to the transferor because of the rescission including, but not limited to, a civil action for specific performance of the transfer agreement. Upon the rescission of the transfer agreement the transferee is entitled to the return of, and the transferor shall return, any deposits made by the transferee in connection with the proposed transfer of the residential real property. Subject to the provisions of section 55-2505 , Idaho Code, a rescission of a transfer agreement may only occur if the transferee’s written, signed and dated document of rescission is delivered to the transferor or his agent or subagent within three (3) business days following the date on which the transferee or his agent receives the property disclosure form prescribed under section 55-2508 , Idaho Code. If no signed notice of rescission is received by the transferor within the three (3) day period, transferee’s right to rescind is waived.