What is the typical time frame for a buyer to rescind a contract following seller disclosures?

In New Mexico, a buyer typically has a period of three days to rescind a contract after receiving seller disclosures. This time frame allows buyers to review the information provided and make informed decisions about their potential purchase. During these three days, buyers can evaluate the disclosures and, if necessary, opt to withdraw from the contract without facing penalties. This provision exists to protect buyers by ensuring they have adequate time to consider important details about the property that could impact their decision.

It's essential for both buyers and sellers to understand this timeline, as it plays a crucial role in the transaction process, ensuring clarity and transparency in real estate dealings. The other time frames provided, such as one, five, or ten days, do not align with the specific regulations outlined for buyer rescission in response to seller disclosures in New Mexico.