By when must Heather write up a termination notice after receiving the disclosure statement?

The requirement for Heather to write up a termination notice after receiving the disclosure statement is specifically set at five days. This time frame is established to ensure that parties involved in a real estate transaction can respond in a timely manner to any issues raised in the disclosure statement, particularly those that may affect the buyer's decision to proceed with the purchase. A five-day window balances the need for prompt action with the necessity for parties to consider the implications of the disclosure thoroughly.

Opting for longer periods like seven or ten days would delay the process unduly, potentially complicating transactions and leading to misunderstandings or loss of interest from either party. On the other hand, three days might be too short for a buyer to adequately assess the information presented in the disclosure document. Thus, five days represents a reasonable and appropriate timeline in real estate practice for written termination after receipt of the disclosure statement.