A developer in Michigan is creating a new condominium project on Torch Lake. A buyer, Sandra, signs a purchase agreement for a unit and receives the complete Condominium Disclosure Package from the developer on a Monday. Sandra later has second thoughts. What is the LAST day on which Sandra may rescind the purchase agreement under the Michigan Condominium Act?
Correct Answer
C) The Wednesday of the second following week — 9 business days after receiving the disclosure package
Under the Michigan Condominium Act (MCL 559.183), 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 public holidays. If Sandra received the package on a Monday, counting 9 business days forward (Monday through Friday of week one = 5 days, Monday through Thursday of week two = 4 days) brings the deadline to the Wednesday of the second following week. This is a Michigan-specific right distinct from other rescission periods.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
Tenancy in common is a form of co-ownership in which two or more persons hold separate, undivided interests in property without the right of survivorship. Each owner can hold unequal shares and can independently transfer their interest.
A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.
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