A buyer in Louisville is purchasing a condominium unit. Under the Kentucky Condominium Act (KRS Chapter 381.9101 et seq.), the seller provides the buyer with all required resale documents. The buyer then changes their mind about the purchase. Within how many days of receiving the required condominium documents may the buyer rescind the purchase contract without penalty?
Correct Answer
A) 3 days
Under the Kentucky Condominium Act (KRS Chapter 381.9101 et seq.), a buyer of a condominium resale unit has 3 days after receiving all required disclosure documents (the resale certificate and related materials) to rescind the purchase contract without penalty. This right of rescission is designed to give buyers an opportunity to review the condominium association documents before being irrevocably committed.
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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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