§514B-86 - Requirements for binding sales contracts; purchaser's right to cancel.
§514B-86 Requirements for binding sales contracts; purchaser's right to cancel. (a) No sales contract for the purchase of a unit from a developer shall be binding on the developer, prospective purchaser, or purchaser until:
(1) The developer has delivered to the prospective purchaser:
(A) A true copy of the developer's public report, including all amendments with an effective date issued by the commission. The developer's public report shall include the report itself, the condominium project's recorded declaration and bylaws, house rules if any, a letter-sized condominium project map, and all amendments that shall be:
(i) Attached to the developer's public report itself as exhibits or shall be concurrently and separately provided to the prospective purchaser or purchaser with the developer's public report;
(ii) Printed copies unless the commission, prospective purchaser, or purchaser indicate in a separate writing their election to receive the required condominium's declaration, bylaws, house rules, if any, letter-sized condominium map, and all amendments through means of a computer disc, email, download from an internet site, or by any other means contemplated by chapter 489E. Where it is impractical to include a letter-sized condominium project map, the prospective purchaser or purchaser shall be provided a written notice of an opportunity to examine the map. The copy of the recorded declaration and bylaws creating the project shall indicate the document number, land court document number, or both, as applicable; and
(B) A notice of the prospective purchaser's thirty-day cancellation right on a form prescribed by the commission, upon which the prospective purchaser may indicate that the prospective purchaser has had an opportunity to read the developer's public report, understands the developer's public report, and exercises the right to cancel or waives the right to cancel; and
(2) The prospective purchaser has waived the right to cancel or is deemed to have waived the right to cancel.
(b) Purchasers may cancel a sales contract at any time up to midnight of the thirtieth day after:
(1) The date that the purchaser signs the contract; and
(2) All of the items specified in subsection (a)(1) have been delivered to the purchaser.
(c) The prospective purchaser may waive the right to cancel, or shall be deemed to have waived the right to cancel, by:
(1) Checking the waiver box on the cancellation notice and delivering it to the developer;
(2) Letting the thirty-day cancellation period expire without taking any action to cancel; or
(3) Closing the purchase of the unit before the cancellation period expires.
(d) The receipts, return receipts, or cancellation notices obtained under this section shall be kept on file in possession of the developer and shall be subject to inspection at any reasonable time by the commission or its staff or agents for a period of three years from the date the receipt or return receipt was obtained. [L 2005, c 93, pt of §4; am L 2007, c 244, §5]