·       Alienation: Transfer of title to real property is described in law as alienation. In a transfer, the property owner is alienated or separated from the title.

·       Disclosure of Material Facts.

o      Material facts disclosure made by Sellerinclude facts that:

§       Substantially adversely affect the valueof the property;

§       Substantially adversely affect a party's ability to perform its obligations in a real estate transaction; and

§       Operate to materially impair or defeat the purpose of the transaction

o      Delivery of the disclosure statement must occur not later than 5 business days, unless otherwise agreed, after mutual acceptance of a written contract to purchase between a buyer and a seller.

o      Buyer's Options

§       Within 3 business days, or as otherwise agreed to, of receipt of the real property transfer disclosure statement, the buyer shall have the right to exercise one of the following two options:

§       1.   Approving and accepting the real property transfer disclosure statement; or

§       2.   Rescinding the agreement for the purchase and sale of the property, which decision may be made by the buyer at the buyer's sole discretion