A Michigan purchase agreement for a Detroit condominium was signed by both parties. The seller provided the buyer with the complete Condominium Disclosure Package, including the master deed, bylaws, and budget, on a Tuesday. The buyer later decided she did not want to proceed. Under the Michigan Condominium Act, what is the last day the buyer can rescind without penalty?
Correct Answer
D) The following Friday, 9 business days after receiving the package
Under the Michigan Condominium Act (MCL 559.101 et seq.), a buyer of a condominium unit from a developer has 9 business days to rescind the purchase agreement after receiving the complete Condominium Disclosure Package. Business days exclude weekends and legal holidays. If the package was received on a Tuesday, counting 9 business days (Wednesday, Thursday, Friday, Monday, Tuesday, Wednesday, Thursday, Friday, and the following Monday) would place the deadline on the following Friday—specifically 9 business days later, not calendar days.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
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