Question

Angela made an offer on a property that was accepted and the purchase contract was ratified. The seller provided the disclosure statement the day after contract ratification. The following day, Angela submitted her loan application, which includes a disclosure about the right to terminate. If she wishes to terminate the purchase contract, when must she do this?

Answer 1

Answer:

Her right to terminate the contract ended when she submitted her loan application

Explanation:

Angela would have been able to terminate the purchase contract if she had not submitted the loan application and this application included a disclosure about the right to terminate. Hence, Angela lost her right to terminate the contract from the moment that she submitted the application for the loan.