Buyer Chen is purchasing a condominium unit. The seller must provide certain documents before closing. What is the time frame for Chen to cancel the contract after receiving the required condominium documents?
Correct Answer
A) 3 days
Under Florida Statute 718.503, a buyer purchasing a previously-occupied (resale) condominium unit from a non-developer has 3 days from execution of the contract or receipt of the condominium documents (whichever is later) to cancel without penalty.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
Tenancy in common is a form of co-ownership in which two or more persons hold separate, undivided interests in property without the right of survivorship. Each owner can hold unequal shares and can independently transfer their interest.
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