A buyer in Minnesota is purchasing a condominium unit that was created in 1990 under the Minnesota Condominium Act (Ch. 515). The seller provides the buyer with a resale disclosure package. Under Minnesota law, how many days does the buyer have to rescind the purchase agreement after receiving the complete resale disclosure package?
Correct Answer
C) 10 calendar days from receipt of the complete resale disclosure package
Under the Minnesota Condominium Act (Minn. Stat. Ch. 515) and the Minnesota Common Interest Ownership Act (Minn. Stat. § 515B.4-108), a buyer of a resale condominium or common interest community unit has 10 calendar days after receiving the complete resale disclosure package to rescind the purchase agreement without penalty. This right of rescission is a buyer protection unique to common interest community resales in Minnesota.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
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