Patricia is purchasing a newly constructed condominium unit in Detroit from a developer. She signs the purchase agreement and the developer provides the complete Condominium Disclosure Package three days later. Patricia later decides she wants to cancel the transaction. Under Michigan law, how long does Patricia have to rescind the purchase agreement after receiving the Condominium Disclosure Package?
Correct Answer
C) 9 business days after receiving the Condominium Disclosure Package
Under the Michigan Condominium Act (MCL 559.183), a buyer of a condominium unit has 9 business days to rescind a purchase agreement after receiving the complete Condominium Disclosure Package from the developer. This is a separate and distinct right from the 72-hour rescission period under the Seller Disclosure Act and applies specifically to new condominium sales from developers.
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