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Tuesday, 22 October 2019
Agent Resource Center

Question - If a buyer defaults on a purchase of property, one of the avenues open to the seller is rescission. If a seller decides to rescind the contract, the seller must:

Posted On Tuesday, 08 October 2019 05:00

(A) Attempt to sell the property as quickly as possible to keep his damages to a minimum
(B) Restore to the buyer all compensation paid by the buyer with the understanding that the buyer would restore the seller's costs
(C) Immediately sue the buyer for damages
(D) Publish notice of the rescission in a newspaper of general circulation

 

Answer:  (B)  When a rescission occurs, all parties are restored to the position they were in prior to the start of negotiations.

Read 584 times Last modified on Wednesday, 09 October 2019 06:45
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