If the owner wants to waive the five-day waiting period or the three-day right of rescission, the owner must sign a statement that, at a minimum: describes how the conditions of the homestead property require immediate repair; describes how the conditions of the homestead property materially affect the health and safety of the owner or the person residing in the homestead; and states that the owner is waiving the five-day waiting period, the three-day period to rescind the contract for work and materials, or both. Printed forms for this purpose are prohibited.