A buyer in Michigan signs a purchase agreement for a newly constructed condominium unit from a developer. The developer provides the Condominium Disclosure Package on Monday, March 3. The buyer reviews the documents and wants to rescind the agreement. The buyer's agent advises that the 9-day rescission period runs from March 3. Assuming 'business days' exclude weekends and the following Monday, March 10, is not a holiday, on what is the last day the buyer may rescind under the Michigan Condominium Act?
Correct Answer
B) Thursday, March 13
Under MCL 559.184 of the Michigan Condominium Act, the purchaser has a 9-business-day rescission period after receiving the Condominium Disclosure Package. Counting business days beginning the day after receipt (March 3), day 9 falls on Thursday, March 13.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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.
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