How long does Joanna have to deliver a termination notice after receiving a disclosure statement?

Joanna has three days to deliver a termination notice after receiving a disclosure statement because this timeframe is established by Virginia law regarding real estate transactions. When a buyer receives a required disclosure statement that reveals certain conditions about the property, such as potential issues with the property or the presence of hazards, they are granted a specific period to reconsider their decision based on this new information. The three-day period allows the buyer the opportunity to evaluate the implications of the disclosures and decide whether they wish to proceed with the transaction or terminate the agreement. This regulation helps protect buyers by ensuring they are fully informed and have adequate time to respond after receiving important disclosures.

In comparison, the other timeframes are either too short or too long according to the statutory guidelines set forth for such real estate transactions in Virginia.