A buyer, Michael, is purchasing a home governed by a homeowners association (HOA) in Howard County, Maryland. The seller, Grace, provides Michael with the required HOA resale package, including governing documents, financial statements, and a disclosure of current assessments. Under the Maryland Homeowners Association Act, how many days does Michael have to rescind the contract after receiving the complete resale package?
Correct Answer
D) 7 days
Under the Maryland Homeowners Association Act, Md. Code Ann., Real Prop. § 11B-106, a buyer of a property subject to an HOA has seven (7) days to rescind the contract after receiving the complete resale package from the seller. This seven-day rescission period is the same as the rescission period under the Maryland Condominium Act and is distinct from the three-day rescission period under the Residential Property Disclosure and Disclaimer Act.
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