Robert is a licensed Kentucky broker whose client is purchasing a condominium unit in Paducah. The seller delivers a resale certificate that is incomplete — it omits information about a pending special assessment of $8,000 per unit that the association approved last month. Robert's client has already signed the purchase contract. Under Kentucky law, which of the following best describes the consequence of the incomplete resale certificate?
Correct Answer
A) The incomplete resale certificate is treated as no resale certificate at all, meaning the buyer's 3-day rescission period has not yet begun to run
Under the Kentucky Condominium Act (KRS Chapter 381.9101 et seq.), the buyer's right to rescind is triggered by receipt of all required documents, including a complete and accurate resale certificate. An incomplete resale certificate that omits material required information — such as a pending special assessment — does not constitute proper delivery of the required documents. Therefore, the 3-day rescission clock has not begun to run, and the buyer retains the right to rescind until 3 days after receiving a complete, compliant resale certificate. Robert should advise his client that their rescission rights remain intact.
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Related Topics & Key Terms
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