Marcus is purchasing a condominium unit in Baltimore. After signing the purchase agreement, the seller delivers the condominium resale package to Marcus on a Tuesday. Marcus reviews the documents and discovers that the condominium association has a pending special assessment of $8,000 per unit for roof replacement. Under the Maryland Condominium Act, how many days does Marcus have to rescind the purchase agreement after receiving the resale package?
Correct Answer
A) 7 days
Under the Maryland Condominium Act, Md. Code Ann., Real Prop. § 11-135, a buyer of a condominium resale unit has 7 days after receiving the resale package to rescind the purchase agreement without penalty. This right of rescission exists to protect buyers who may discover adverse information — such as pending special assessments — in the resale documents. Marcus received the package on Tuesday, so he has until the following Tuesday (7 days) to exercise his right to rescind.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
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