Patricia is purchasing a townhouse in a community governed by a homeowners association in Prince George's County. She receives the HOA resale package on March 1st. Under the Maryland Homeowners Association Act, what is the deadline by which Patricia must notify the seller if she intends to rescind the contract based on the resale package?
Correct Answer
B) March 6th (5 days after receipt)
Under the Maryland Homeowners Association Act, the buyer has 5 days after receiving the HOA resale package to rescind; receipt on March 1 makes March 6 the deadline.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
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