Buyer Sandra received the Public Offering Statement for a new condominium in Jersey City on a Friday and signed the purchase contract that same day. The following Friday, Sandra attempts to rescind the contract under PREDFDA. The developer argues that Sandra's rescission is untimely because seven calendar days have already passed. Is the developer correct?
Correct Answer
A) Yes, the developer is correct because seven calendar days from Friday ends on the following Thursday, so Friday is the eighth day
Under PREDFDA, the seven-day rescission period runs in calendar days from the date of receipt of the Public Offering Statement. Sandra received the POS on Friday (day 0 or day 1 depending on counting method). Counting Friday as day 1: Saturday=2, Sunday=3, Monday=4, Tuesday=5, Wednesday=6, Thursday=7. The rescission period expires at the end of Thursday. Sandra's attempt to rescind on the following Friday is on day 8, which is after the seven-day window has closed. The developer's argument that the rescission is untimely is correct.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
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