Under REDMA, a buyer signs a pre-sale purchase agreement and, the same day, signs the developer's receipt acknowledging they had the opportunity to read the disclosure statement. What rescission right does the buyer have?
Correct Answer
A) 7 days to rescind by written notice
REDMA s. 21(2) lets a purchaser rescind by serving written notice on the developer within 7 days after the later of the date the purchase agreement was made and the date the developer obtained the purchaser's written acknowledgement of the disclosure statement. Both happened the same day here, so the 7 days run from that day.
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