This form is a Seller's Disclosure Statement for use in a residential sales transaction in Idaho. This disclosure statement concerns the condition of property and is completed by the Seller.
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Idaho Residential Real Estate Sales Disclosure Statement
Real Estate Disclosure Agreement
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Real Estate Sales Disclosure FAQ
While there's no hard-and-fast list of which states follow caveat emptor and which don't, Alabama, Arkansas, Georgia, North Dakota, Virginia, and Wyoming are largely known as caveat emptor states. In others, courts have upheld the principle only some of the time.
If a seller fails to disclose, or actively conceals, problems that affect the value of the property; they are violating the law, and may be subject to a lawsuit for recovery of damages based on claims of fraud and deceit, misrepresentation and/or breach of contract.
Under California law, all material facts that affect the value or desirability of the property must be disclosed to the buyer. There is no specific definition or rule on what is considered to be a material fact.
California's Especially Stringent Disclosure Requirements Sellers must fill out and give the buyers a disclosure form listing a broad range of defects, such as a leaky roof, deaths that occurred within three years on the property, neighborhood nuisances such as a dog that barks every night, and more.
In general, you have an obligation to disclose potential problems and material defects that could affect the value of the property you're trying to sell. In addition, it is considered illegal in most states to deliberately conceal major defects on your property.
Idaho is a common law state where contract language is interpreted strictly and expressly, barring misrepresentation or provable fraud.Buyer Beware is alive and well in Idaho. Get it in writing. Require written documentation to substantiate oral representations prior to purchase.
In the simplest terms, a Seller's Disclosure is a document a potential buyer receives in order to know what condition the property is in. It contains about 100 questions and it will take you 20-30 minutes at most to complete.You're not required to have this document ready until your home is under contract.
Whenever you sell real estate, you are obligated to follow local mandatory disclosure laws. This involves informing the buyer about specific hazards or problems affecting the property before the sale is completed.
A disclosure statement is an official document that outlines the terms, conditions, risks and rules of a financial transaction, such as a loan or an investment.
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Law summary
Residential Real Estate Sales Disclosure Statement
TITLE 55 PROPERTY IN GENERAL
CHAPTER 25 PROPERTY CONDITION DISCLOSURE ACT
55-2501 SHORT TITLE
55-2501. SHORT TITLE. This chapter may be cited as the "Idaho Property Condition Disclosure Act."
55-2502. LEGISLATIVE INTENT. In order to promote the public health, safety and welfare and to protect consumers; it is the purpose of the provisions of this chapter to require sellers of residential real property as defined in this chapter to disclose certain defects in the residential real property to a prospective buyer.
55-2503. DEFINITIONS. As used in this chapter
(1) "Political subdivision" has the same meaning as provided in section 7-1303, Idaho Code.
(2) "Residential real property" means real property that is improved
by a building or other structure that has one
(1) to four (4) dwelling units
or an individually owned unit in a structure of any size. This also applies
to real
property which has a combined
residential and commercial use.
(3) "Seller" means the owner of residential real property as defined in this chapter.
55-2504. PROPERTY CONDITION DISCLOSURE REQUIRED. Any person who intends to transfer any residential real property, including nonowner occupied rental property, on or after July 1, 1994, by any of the methods as set forth herein shall complete all applicable items in a property disclosure form prescribed under section 55-2508, Idaho Code. Except as provided in section 55-2505, Idaho Code, this chapter applies to any transfer by sale, exchange, installment sale contract, a lease with an option to purchase, any other option to purchase, or ground lease coupled with improvements, of real property improved with or consisting of not less than one (1) nor more than four (4) dwelling units.
55-2505. EXEMPTIONS. The provisions of this chapter do not apply to any transfer of residential real property that is any of the following:
(1) A transfer pursuant to court order including, but not limited to, a transfer ordered by a probate court during the administration of a decedent's estate, a transfer pursuant to a writ of execution, a transfer by a trustee in bankruptcy, a transfer as a result of the exercise of the power of eminent domain, and a transfer that results from a decree for specific performance of a contract or other agreement between persons;
(2) A transfer to a mortgagee by a mortgagor by deed in lieu of foreclosure or in satisfaction of the mortgage debt;
(3) A transfer to a beneficiary of a deed of trust by a trustor in default;
(4) A transfer by a foreclosure sale that follows a default in the satisfaction of an obligation secured by a mortgage;
(5) A transfer by a sale under a power of sale following a default in the satisfaction of an obligation that is secured by a deed of trust or another instrument containing a power of sale occurring within one (1) year of foreclosure on the default;
(6) A transfer by a mortgagee, or a beneficiary under a deed of trust, who has acquired the residential real property at a sale conducted pursuant to a power of sale under a mortgage or a deed of trust or who has acquired the residential real property by a deed in lieu of foreclosure;
(7) A transfer by a fiduciary in the course of the administration of a decedent's estate, a guardianship, a conservatorship, or a trust;
(8) A transfer from one (1) co-owner to one (1) or more other co-owners;
(9) A transfer made to the transferor's spouse or to one (1) or more persons in the lineal line of consanguinity of one (1) or more of the transferors;
(10) A transfer between spouses or former spouses as a result of a decree of divorce, dissolution of marriage, annulment, or legal separation or as a result of a property settlement agreement incidental to a decree of divorce, dissolution of marriage, annulment, or legal separation;
(11) A transfer to or from the state, a political subdivision of the state, or another governmental entity;
(12) A transfer that involved newly constructed residential real property that previously has not been inhabited, except that disclosure of annexation and city service status shall be declared by the sellers of such newly constructed residential real property in accordance with the provisions of section 55-2508, Idaho Code;
(13) A transfer to a transferee who has occupied the property as a personal residence for one (1) or more years immediately prior to the transfer;
(14) A transfer from a transferor who both has not occupied the property as a personal residence within one (1) year immediately prior to the transfer and has acquired the property through inheritance or devise;
(15) A transfer by a relocation company to a transferee within one (1) year from the date that the previous owner occupied the property;
(16) A transfer from a decedent's estate.
55-2506. DISCLOSURE INFORMATION. The information required in this chapter shall be set forth on the form set out in section 55-2508, Idaho Code. Alternative forms may be substituted for those set out in section 55-2508, Idaho Code, provided that alternative forms include the disclosure information as set forth in section 55-2506, Idaho Code, and the mandatory disclosure statements set forth in section 55-2507, Idaho Code. The form must be designed to permit the transferor to disclose material matters relating to the physical condition of the property to be transferred including, but not limited to, the source of water supply to the property; the nature of the sewer system serving the property; the condition of the structure of the property including the roof, foundation, walls and floors; the known presence of hazardous materials or substances.
55-2507. MANDATORY REQUIRED DISCLOSURE STATEMENTS. To comply with the provisions of this chapter, a form shall set forth a statement of purpose of the form, including statements substantially similar to the following:
(1) The form constitutes a statement of the conditions of the property and of information concerning the property actually known by the transferor.
(2) That unless the transferee is otherwise advised in writing, the transferor, other than having lived at or owning the property possesses no greater knowledge than that which could be obtained by a careful inspection of the property by a potential transferee.
(3) That the statement is not a warranty of any kind by the transferor or by any agent or subsequent agent representing the transferor in thistransaction.
(4) That the statement is not a substitute for any inspections.
(5) That the transferor is familiar with the particular residential
real property and each act that may be performed in making a disclosure
of an item of information shall be made and performed in good faith.
55-2508. DISCLOSURE FORM. The disclosures required by the provisions of this article pertaining to the property proposed to be transferred are set forth in and shall be made on a copy of the following disclosure form or an alternative form as provided in section 55-2506, Idaho Code:
[See USLF form ID-37014]
55-2509. DELIVERY OF DISCLOSURE FORM AND ACCEPTANCE. Every transferor shall deliver, in accordance with section 55-2510, Idaho Code, a signed and dated copy of the completed disclosure form to each prospective transferee or his agent within ten (10) days of transferor's acceptance of transferee's offer. Every prospective transferee of residential real property who receives a signed and dated copy of a completed property disclosure form as prescribed under section 55-2508, Idaho Code, shall acknowledge receipt of the form by doing both of the following:
(1) Signing and dating a copy of the form;
(2) Delivering a signed and dated copy of the form to the
transferor or his agent or subagent.
55-2510. DELIVERY REQUIREMENTS. The transferor's delivery under
section 55-2509, Idaho Code, of a property disclosure form as described
under section 55-2508, Idaho Code, and the prospective transferee's delivery
under section 55-2509, Idaho Code, of an acknowledgement of his receipt
of that form shall be made by personal delivery to the other party or his
agent or subagent by ordinary mail or certified mail, return receipt requested
or by facsimile transmission. For the purposes of the delivery requirements
of this section, the delivery of a property disclosure form to a prospective
cotransferee of residential real property or his or her agent shall be
deemed considered delivered to other prospective transferees unless otherwise
provided by contract.
55-2511. ERRORS, INACCURACIES OR OMISSIONS -- LIABILITY OF TRANSFEROR -- DELIVERY OF INFORMATION BY PUBLIC AGENCY -- DELIVERY BY EXPERTS.
(1) Neither the transferor or transferor's agents shall be liable for any error, inaccuracy or omission of any information delivered pursuant to this chapter if the error, inaccuracy or omission was not within the personal knowledge of the transferor or was based upon information timely provided by public agencies or other persons specified in subsection (3) of this section that is required to be disclosed pursuant to this chapter and ordinary care was exercised in obtaining and transmitting it.
(2) The delivery of any information required to be disclosed by this chapter to a prospective transferee by a public agency or other person providing information required to be disclosed pursuant to this chaptershall be deemed to comply with the requirements of this chapter and shall relieve the transferor or transferor's agent of any further duty under this chapter with respect to that item of information.
(3) The delivery of a report or opinion prepared by any person
or professional who has been hired to perform an inspection of the subject
property in connection with the proposed sale shall be sufficient compliance
for application of the exemption provided in subsection (1) of this section
if the information is provided to the prospective transferee pursuant to
a request therefore, written or oral. In responding to such a request,
an expert may indicate, in writing, an understanding that the information
provided will be used in fulfilling the requirements of sections 55-2506
and 55-2507, Idaho Code, and if so, shall indicate the required disclosure
or parts thereof to which the information being furnished is applicable.
Where such a statement is furnished, the provider shall not be responsible
for any items of information or parts thereof other than those expressly
set forth in the statement.
55-2512. INFORMATION SUBSEQUENTLY RENDERED INACCURATE -- REQUIRED
INFORMATION UNKNOWN OR NOT AVAILABLE. If information disclosed in accordance
with this chapter is subsequently rendered inaccurate as a result of any
act, occurrence or agreement subsequent to the delivery of the required
disclosures, the inaccuracy resulting therefrom does not constitute a violation
of this chapter. If at the time the disclosures are required to be made,
an item of information required to be disclosed is
unknown or not available to the transferor, and the transferor's agent
has made a reasonable effort to ascertain it, the transferor may use an
approximation of the information provided the approximation is clearly
identified as such, is reasonable, is based on the best information available
to the transferor or transferor's agent and is not used for the purpose
of circumventing or evading this chapter.
55-2513. AMENDMENT TO FORM. Any disclosure of an item of information
in the property disclosure form described in section 55-2508, Idaho Code,
may be amended in writing by the transferor of the residential real property
at any time following the delivery of the form in accordance with section
55-2510, Idaho Code. Transferor shall amend the disclosure statement prior
to closing if transferor discovers any of the (the) information on the
original statement has changed. In the event of amendments to the statement,
transferee's right to rescind is strictly limited to the amendments to
the disclosure statement. The amendment shall be subject to the provisions
of this chapter.
55-2514. CHAPTER DOES NOT RELIEVE SELLER OR HIS AGENT OF OBLIGATION
TO DISCLOSE OTHER INFORMATION. Specification of items of information that
must be disclosed in the property disclosure form as prescribed under sections
55-2506 and 55-2507, Idaho Code, does not limit and shall not be construed
as limiting any obligation to disclose an item of information that is created
by any other section of the Idaho Code or the common law of the state of
Idaho. The disclosure requirements of this chapter do not bar and shall
not be construed as barring the application of any legal equitable defense
that a transferor of residential real property may assert in a civil action
commenced against the transferor by a prospective or actual transferee of the property.
55-2515. RESCISSION BY TRANSFEREE. Subject to section 55-2504,
Idaho Code, if a transferee of residential real property receives a property
disclosure form or an amendment of that form as described in section 55-2508,
Idaho Code, after the transferee has entered into a transfer agreement
with respect to the property, the transferee, after his receipt of the
form or amendment may rescind the transfer agreement in a written, signed
and dated document that is delivered to the transferor or his agents in
accordance with section 55-2510, Idaho Code. Transferee's rescission must
be based on a specific objection to a disclosure in the disclosure statement.
The notice of rescission shall specifically identify the disclosure objected
to by the transferee. Transferee incurs no legal liability to the transferor
because of the rescission including, but not limited to, a civil action
for specific performance of the transfer agreement. Upon the rescission
of the transfer agreement the transferee is entitled to the return of,
and the transferor shall return, any deposits made by the transferee in
connection with the proposed transfer of the residential real property.
Subject to the provisions of section 55-2505, Idaho Code, a rescission
of a transfer agreement may only occur if the transferee's written, signed
and dated document of rescission is delivered to the transferor or his
agent or subagent within three (3) business days following the date on
which the transferee or his agent receives the property disclosure form
prescribed under section 55-2508, Idaho Code. If no signed notice of rescission
is received by the transferor within the three (3) day period, transferee's
right to rescind is waived.
55-2516. GOOD FAITH REQUIRED. Each disclosure required in this
chapter and each act which may be performed in making the disclosure shall
be made in good faith. For the purposes of this chapter, good faith means
honesty in fact, in the conduct of the transaction.
55-2517. FAILURE TO COMPLY. No transfer, subject to this chapter,
shall be invalidated solely because of the failure of any person to comply
with any provision of this chapter. However, any person who willfully or
negligently violates or fails to perform any duties prescribed by any provision
of this chapter shall be liable in the amount of actual damages suffered
by the transferee.
55-2518. DUTIES OF REAL ESTATE LICENSEES UNCHANGED. Nothing contained in this chapter shall in any way limit or reduce the duties that a real estate licensee owes to his or her client or to the general public.
Legal definition
Residential Real Estate Sales Disclosure Statement
TITLE 55 PROPERTY IN GENERAL
CHAPTER 25 PROPERTY CONDITION DISCLOSURE ACT
55-2501 SHORT TITLE
55-2501. SHORT TITLE. This chapter may be cited as the "Idaho Property Condition Disclosure Act."
55-2502. LEGISLATIVE INTENT. In order to promote the public health, safety and welfare and to protect consumers; it is the purpose of the provisions of this chapter to require sellers of residential real property as defined in this chapter to disclose certain defects in the residential real property to a prospective buyer.
55-2503. DEFINITIONS. As used in this chapter
(1) "Political subdivision" has the same meaning as provided in section 7-1303, Idaho Code.
(2) "Residential real property" means real property that is improved
by a building or other structure that has one
(1) to four (4) dwelling units
or an individually owned unit in a structure of any size. This also applies
to real
property which has a combined
residential and commercial use.
(3) "Seller" means the owner of residential real property as defined in this chapter.
55-2504. PROPERTY CONDITION DISCLOSURE REQUIRED. Any person who intends to transfer any residential real property, including nonowner occupied rental property, on or after July 1, 1994, by any of the methods as set forth herein shall complete all applicable items in a property disclosure form prescribed under section 55-2508, Idaho Code. Except as provided in section 55-2505, Idaho Code, this chapter applies to any transfer by sale, exchange, installment sale contract, a lease with an option to purchase, any other option to purchase, or ground lease coupled with improvements, of real property improved with or consisting of not less than one (1) nor more than four (4) dwelling units.
55-2505. EXEMPTIONS. The provisions of this chapter do not apply to any transfer of residential real property that is any of the following:
(1) A transfer pursuant to court order including, but not limited to, a transfer ordered by a probate court during the administration of a decedent's estate, a transfer pursuant to a writ of execution, a transfer by a trustee in bankruptcy, a transfer as a result of the exercise of the power of eminent domain, and a transfer that results from a decree for specific performance of a contract or other agreement between persons;
(2) A transfer to a mortgagee by a mortgagor by deed in lieu of foreclosure or in satisfaction of the mortgage debt;
(3) A transfer to a beneficiary of a deed of trust by a trustor in default;
(4) A transfer by a foreclosure sale that follows a default in the satisfaction of an obligation secured by a mortgage;
(5) A transfer by a sale under a power of sale following a default in the satisfaction of an obligation that is secured by a deed of trust or another instrument containing a power of sale occurring within one (1) year of foreclosure on the default;
(6) A transfer by a mortgagee, or a beneficiary under a deed of trust, who has acquired the residential real property at a sale conducted pursuant to a power of sale under a mortgage or a deed of trust or who has acquired the residential real property by a deed in lieu of foreclosure;
(7) A transfer by a fiduciary in the course of the administration of a decedent's estate, a guardianship, a conservatorship, or a trust;
(8) A transfer from one (1) co-owner to one (1) or more other co-owners;
(9) A transfer made to the transferor's spouse or to one (1) or more persons in the lineal line of consanguinity of one (1) or more of the transferors;
(10) A transfer between spouses or former spouses as a result of a decree of divorce, dissolution of marriage, annulment, or legal separation or as a result of a property settlement agreement incidental to a decree of divorce, dissolution of marriage, annulment, or legal separation;
(11) A transfer to or from the state, a political subdivision of the state, or another governmental entity;
(12) A transfer that involved newly constructed residential real property that previously has not been inhabited, except that disclosure of annexation and city service status shall be declared by the sellers of such newly constructed residential real property in accordance with the provisions of section 55-2508, Idaho Code;
(13) A transfer to a transferee who has occupied the property as a personal residence for one (1) or more years immediately prior to the transfer;
(14) A transfer from a transferor who both has not occupied the property as a personal residence within one (1) year immediately prior to the transfer and has acquired the property through inheritance or devise;
(15) A transfer by a relocation company to a transferee within one (1) year from the date that the previous owner occupied the property;
(16) A transfer from a decedent's estate.
55-2506. DISCLOSURE INFORMATION. The information required in this chapter shall be set forth on the form set out in section 55-2508, Idaho Code. Alternative forms may be substituted for those set out in section 55-2508, Idaho Code, provided that alternative forms include the disclosure information as set forth in section 55-2506, Idaho Code, and the mandatory disclosure statements set forth in section 55-2507, Idaho Code. The form must be designed to permit the transferor to disclose material matters relating to the physical condition of the property to be transferred including, but not limited to, the source of water supply to the property; the nature of the sewer system serving the property; the condition of the structure of the property including the roof, foundation, walls and floors; the known presence of hazardous materials or substances.
55-2507. MANDATORY REQUIRED DISCLOSURE STATEMENTS. To comply with the provisions of this chapter, a form shall set forth a statement of purpose of the form, including statements substantially similar to the following:
(1) The form constitutes a statement of the conditions of the property and of information concerning the property actually known by the transferor.
(2) That unless the transferee is otherwise advised in writing, the transferor, other than having lived at or owning the property possesses no greater knowledge than that which could be obtained by a careful inspection of the property by a potential transferee.
(3) That the statement is not a warranty of any kind by the transferor or by any agent or subsequent agent representing the transferor in thistransaction.
(4) That the statement is not a substitute for any inspections.
(5) That the transferor is familiar with the particular residential
real property and each act that may be performed in making a disclosure
of an item of information shall be made and performed in good faith.
55-2508. DISCLOSURE FORM. The disclosures required by the provisions of this article pertaining to the property proposed to be transferred are set forth in and shall be made on a copy of the following disclosure form or an alternative form as provided in section 55-2506, Idaho Code:
[See USLF form ID-37014]
55-2509. DELIVERY OF DISCLOSURE FORM AND ACCEPTANCE. Every transferor shall deliver, in accordance with section 55-2510, Idaho Code, a signed and dated copy of the completed disclosure form to each prospective transferee or his agent within ten (10) days of transferor's acceptance of transferee's offer. Every prospective transferee of residential real property who receives a signed and dated copy of a completed property disclosure form as prescribed under section 55-2508, Idaho Code, shall acknowledge receipt of the form by doing both of the following:
(1) Signing and dating a copy of the form;
(2) Delivering a signed and dated copy of the form to the
transferor or his agent or subagent.
55-2510. DELIVERY REQUIREMENTS. The transferor's delivery under
section 55-2509, Idaho Code, of a property disclosure form as described
under section 55-2508, Idaho Code, and the prospective transferee's delivery
under section 55-2509, Idaho Code, of an acknowledgement of his receipt
of that form shall be made by personal delivery to the other party or his
agent or subagent by ordinary mail or certified mail, return receipt requested
or by facsimile transmission. For the purposes of the delivery requirements
of this section, the delivery of a property disclosure form to a prospective
cotransferee of residential real property or his or her agent shall be
deemed considered delivered to other prospective transferees unless otherwise
provided by contract.
55-2511. ERRORS, INACCURACIES OR OMISSIONS -- LIABILITY OF TRANSFEROR -- DELIVERY OF INFORMATION BY PUBLIC AGENCY -- DELIVERY BY EXPERTS.
(1) Neither the transferor or transferor's agents shall be liable for any error, inaccuracy or omission of any information delivered pursuant to this chapter if the error, inaccuracy or omission was not within the personal knowledge of the transferor or was based upon information timely provided by public agencies or other persons specified in subsection (3) of this section that is required to be disclosed pursuant to this chapter and ordinary care was exercised in obtaining and transmitting it.
(2) The delivery of any information required to be disclosed by this chapter to a prospective transferee by a public agency or other person providing information required to be disclosed pursuant to this chaptershall be deemed to comply with the requirements of this chapter and shall relieve the transferor or transferor's agent of any further duty under this chapter with respect to that item of information.
(3) The delivery of a report or opinion prepared by any person
or professional who has been hired to perform an inspection of the subject
property in connection with the proposed sale shall be sufficient compliance
for application of the exemption provided in subsection (1) of this section
if the information is provided to the prospective transferee pursuant to
a request therefore, written or oral. In responding to such a request,
an expert may indicate, in writing, an understanding that the information
provided will be used in fulfilling the requirements of sections 55-2506
and 55-2507, Idaho Code, and if so, shall indicate the required disclosure
or parts thereof to which the information being furnished is applicable.
Where such a statement is furnished, the provider shall not be responsible
for any items of information or parts thereof other than those expressly
set forth in the statement.
55-2512. INFORMATION SUBSEQUENTLY RENDERED INACCURATE -- REQUIRED
INFORMATION UNKNOWN OR NOT AVAILABLE. If information disclosed in accordance
with this chapter is subsequently rendered inaccurate as a result of any
act, occurrence or agreement subsequent to the delivery of the required
disclosures, the inaccuracy resulting therefrom does not constitute a violation
of this chapter. If at the time the disclosures are required to be made,
an item of information required to be disclosed is
unknown or not available to the transferor, and the transferor's agent
has made a reasonable effort to ascertain it, the transferor may use an
approximation of the information provided the approximation is clearly
identified as such, is reasonable, is based on the best information available
to the transferor or transferor's agent and is not used for the purpose
of circumventing or evading this chapter.
55-2513. AMENDMENT TO FORM. Any disclosure of an item of information
in the property disclosure form described in section 55-2508, Idaho Code,
may be amended in writing by the transferor of the residential real property
at any time following the delivery of the form in accordance with section
55-2510, Idaho Code. Transferor shall amend the disclosure statement prior
to closing if transferor discovers any of the (the) information on the
original statement has changed. In the event of amendments to the statement,
transferee's right to rescind is strictly limited to the amendments to
the disclosure statement. The amendment shall be subject to the provisions
of this chapter.
55-2514. CHAPTER DOES NOT RELIEVE SELLER OR HIS AGENT OF OBLIGATION
TO DISCLOSE OTHER INFORMATION. Specification of items of information that
must be disclosed in the property disclosure form as prescribed under sections
55-2506 and 55-2507, Idaho Code, does not limit and shall not be construed
as limiting any obligation to disclose an item of information that is created
by any other section of the Idaho Code or the common law of the state of
Idaho. The disclosure requirements of this chapter do not bar and shall
not be construed as barring the application of any legal equitable defense
that a transferor of residential real property may assert in a civil action
commenced against the transferor by a prospective or actual transferee of the property.
55-2515. RESCISSION BY TRANSFEREE. Subject to section 55-2504,
Idaho Code, if a transferee of residential real property receives a property
disclosure form or an amendment of that form as described in section 55-2508,
Idaho Code, after the transferee has entered into a transfer agreement
with respect to the property, the transferee, after his receipt of the
form or amendment may rescind the transfer agreement in a written, signed
and dated document that is delivered to the transferor or his agents in
accordance with section 55-2510, Idaho Code. Transferee's rescission must
be based on a specific objection to a disclosure in the disclosure statement.
The notice of rescission shall specifically identify the disclosure objected
to by the transferee. Transferee incurs no legal liability to the transferor
because of the rescission including, but not limited to, a civil action
for specific performance of the transfer agreement. Upon the rescission
of the transfer agreement the transferee is entitled to the return of,
and the transferor shall return, any deposits made by the transferee in
connection with the proposed transfer of the residential real property.
Subject to the provisions of section 55-2505, Idaho Code, a rescission
of a transfer agreement may only occur if the transferee's written, signed
and dated document of rescission is delivered to the transferor or his
agent or subagent within three (3) business days following the date on
which the transferee or his agent receives the property disclosure form
prescribed under section 55-2508, Idaho Code. If no signed notice of rescission
is received by the transferor within the three (3) day period, transferee's
right to rescind is waived.
55-2516. GOOD FAITH REQUIRED. Each disclosure required in this
chapter and each act which may be performed in making the disclosure shall
be made in good faith. For the purposes of this chapter, good faith means
honesty in fact, in the conduct of the transaction.
55-2517. FAILURE TO COMPLY. No transfer, subject to this chapter,
shall be invalidated solely because of the failure of any person to comply
with any provision of this chapter. However, any person who willfully or
negligently violates or fails to perform any duties prescribed by any provision
of this chapter shall be liable in the amount of actual damages suffered
by the transferee.
55-2518. DUTIES OF REAL ESTATE LICENSEES UNCHANGED. Nothing contained in this chapter shall in any way limit or reduce the duties that a real estate licensee owes to his or her client or to the general public.