Sarah is purchasing a condominium unit in Baltimore from its current owner. After the seller accepts Sarah's offer and a contract of sale is signed, the seller is required to provide Sarah with a condominium resale package. Under Maryland law, how many days does Sarah have to rescind the contract after receiving the complete resale package?
Correct Answer
C) 7 days after receiving the complete resale package
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 complete resale package to rescind the contract of sale without penalty. This right of rescission is a mandatory statutory protection that cannot be waived by contract.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
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