In Maryland, what is required for a buyer to withdraw from a purchase agreement under the right of rescission?

The right of rescission in Maryland allows a buyer to withdraw from a purchase agreement within a specific timeframe after signing the contract. In this context, the requirement that a buyer must notify the seller within five days of signing the contract is an important aspect of this legal process. The five-day period serves as a protective measure to ensure that buyers have a reasonable opportunity to reconsider their decision and potentially rescind the agreement without penalty.

This time limit ensures that buyers are not locked into a transaction they may no longer feel comfortable with and serves to safeguard their interests in real estate deals. Additionally, prompt notification helps maintain clear communication between parties, which is essential in real estate transactions.

The other options do not accurately reflect the provisions of the right of rescission in Maryland. For instance, requiring the buyer to pay a fee or wait for the seller's consent does not align with the buyer's rights under this law, as it should facilitate a buyer’s ability to back out of a deal without financial penalty or dependence on the seller's response. Similarly, while written evidence of intent may be common in many legal contexts, the specific stipulation of a five-day notice period is what defines the right of rescission clearly in this scenario.