§ 5-80-5 - Notice of cancellation.
SECTION 5-80-5
§ 5-80-5 Notice of cancellation. –(a) The contract must contain in immediate proximity to the space reserved forthe foreclosed homeowner's signature a conspicuous statement in a size equal toat least fourteen (14) point boldface type, if the contract is printed, or incapital letters, if the contract is typed, as follows:
"You may cancel this contract for the sale of your housewithout any penalty or obligation at anytime before ]]]]]]]] (Date and time ofday). See the attached notice of cancellation form for an explanation of thisright."
The foreclosure purchaser shall accurately enter the date andtime of day on which the cancellation right ends.
(b) The contract must be accompanied by a completed form induplicate, captioned "notice of cancellation" in a size equal to a twelve (12)point boldface type if the contract is printed, or in capital letters, if thecontract is typed, followed by a space in which the foreclosure purchaser shallenter the date on which the foreclosed homeowner executes any contract. Thisform must be attached to the contract, must be easily detachable, and mustcontain in type of at least ten (10) points, if the contract is printed or incapital letters if the contract is typed, the following statement written inthe same language as used in the contract:
"NOTICE OF CANCELLATION
. . . . . . . . . . (Enter date contract signed)
You may cancel this contract for the sale of your house,without any penalty or obligation, at any time before. . . . . . . . . . (enterdate and time of day)
To cancel this transaction, personally deliver a signedand dated copy of this cancellation notice to. . . . . . . . . . (Name ofpurchaser) at. . . . . . . . . . (Streetaddress of purchaser's place of business) NOT LATER THAN (Enter date and timeof day) I hereby cancel this transaction. . . . . . . . . . (Date)
. . . . . . . . . . (Seller's signature)"
(c) The foreclosure purchaser shall provide the foreclosedhomeowner with a copy of the contract and the attached notice of cancellationat the time the contract is executed by all parties.
(d) The five (5) business days during which the foreclosedhomeowner may cancel the contract must not begin to run until all parties tothe contract have executed the contract and the foreclosure purchaser hascomplied with this section.