VERMA v. Stuhr

OPINION

SWANN, Judge.

¶ 1 Three similar eases require us to decide when A.R.S. § 33-422 permits a buyer to rescind a contract to purchase real property. In each ease, the buyers had actual knowledge of a federal flood easement over the subject property within the time provided for due diligence under their contracts. In each case, the buyers affirmatively elected not to terminate the contract after learning of the defect in title created by the easement. Ultimately, however, the buyers attempted to extract themselves from the transactions by invoking the statute’s express disclosure requirement…