57-19-12 - Purchaser's right to cancel.
57-19-12. Purchaser's right to cancel.
(1) (a) An agreement to purchase an interest in a project may be cancelled, at the optionof the purchaser, if:
(i) the purchaser provides to the developer, by hand delivery or certified mail, writtennotice of the cancellation; and
(ii) the notice is delivered or postmarked not later than midnight of the fifth calendar dayfollowing the day on which the agreement is signed.
(b) In computing the number of calendar days for purposes of this section, the day onwhich the agreement was signed and legal holidays are not included as "calendar days."
(c) Within 30 days after receipt of timely notice of cancellation, the developer shallrefund any money or other consideration paid by the purchaser.
(2) Every agreement to purchase an interest in a project which is subject to this chaptershall include the following statement in at least 10 point bold upper-case type, immediatelypreceding the space for the purchaser's signature:
"PURCHASER'S RIGHT TO CANCEL: YOU MAY CANCEL THIS AGREEMENTWITHOUT ANY CANCELLATION FEE OR OTHER PENALTY BY HAND DELIVERINGOR SENDING BY CERTIFIED MAIL WRITTEN NOTICE OF CANCELLATION TO: (NAME AND ADDRESS OF DEVELOPER). THE NOTICE MUST BE DELIVERED ORPOSTMARKED BY MIDNIGHT OF THE FIFTH CALENDAR DAY FOLLOWING THEDAY ON WHICH THE AGREEMENT IS SIGNED. IN COMPUTING THE NUMBER OFCALENDAR DAYS, THE DAY ON WHICH THE CONTRACT IS SIGNED AND LEGALHOLIDAYS ARE NOT INCLUDED."
Enacted by Chapter 73, 1987 General Session