A developer in Edison, New Jersey, sells timeshare interests in a resort property. A buyer, Sandra, signs a purchase contract and receives the Public Offering Statement on Tuesday. She decides she does not want the timeshare and mails a rescission notice the following Tuesday (seven days later). Is Sandra's rescission timely under New Jersey law?
Correct Answer
B) Yes, because PREDFDA grants buyers seven calendar days to rescind after receiving the Public Offering Statement, and mailing on day seven is timely.
Under PREDFDA (N.J.S.A. 45:22A-21 et seq.), which covers timeshares as a form of planned real estate development, buyers have a seven-day right of rescission after receiving the Public Offering Statement. Sandra received the POS on Tuesday and mailed her rescission notice the following Tuesday — exactly seven days later. The rescission is timely because day seven (Tuesday) is within the seven-day window. PREDFDA counts calendar days, and the notice mailed on day seven satisfies the statute.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
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