Sandra signed a contract to purchase a condominium unit in a new development in Essex County directly from the developer. The developer provided Sandra with the NJREC-approved public offering statement on a Tuesday. Sandra is now having second thoughts about the purchase. Under PREDFDA (N.J.S.A. 45:22A-21 et seq.), what is the LAST day on which Sandra can rescind the contract without penalty?
Correct Answer
A) The following Tuesday, because she has a seven-day right of rescission after receiving the public offering statement
Under PREDFDA (N.J.S.A. 45:22A-21 et seq.), a buyer of a unit in a new planned real estate development, condominium, cooperative, or timeshare has a seven-day right of rescission after receiving the NJREC-approved public offering statement. If Sandra received the POS on Tuesday, her seven-day rescission period ends on the following Tuesday (counting seven calendar days from the date of receipt), making that the last day she can cancel the contract without penalty.
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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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