How long does a buyer have to rescind a purchase agreement in Guam under the Buyer’s Right to Cancel law?

In Guam, under the Buyer’s Right to Cancel law, a buyer has a specific timeframe within which they can rescind a purchase agreement. The law allows buyers to cancel the purchase agreement within 5 calendar days of receiving the necessary disclosures. This provision is designed to protect consumers by giving them time to reconsider their decision after the agreement has been executed, ensuring they are fully informed about the terms and conditions.

The 5-day period is crucial for buyers, as it provides a buffer against any impulsive decisions made during the home-buying process. During these days, buyers can review the details of the agreement, consult with legal or real estate professionals, and evaluate their financial commitments. This rule emphasizes the importance of informed consent in real estate transactions and ensures that buyers have adequate opportunity to change their minds without incurring penalties within that specified duration.