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Delaware Code (Titles 8, 9, 25, 30)

25 Del. C. § 81-408

Purchaser’s right to cancel

Official textdelcode.delaware.gov

# (a)

A person required to deliver a public offering statement pursuant to § 81-402(c) of this title shall provide a purchaser with a copy of the public offering statement and all amendments thereto before conveyance of the unit, and not later than the date of any contract of sale. Unless such a purchaser is given the public offering statement more than 5 days before execution of a contract for the purchase of a unit, the purchaser, before conveyance, may cancel the contract within 5 days after first receiving the public offering statement.

# (b)

If a purchaser elects to cancel a contract pursuant to subsection (a) of this section, the purchaser may do so by notice to the offeror. Cancellation is without penalty, and all payments made by the purchaser before cancellation must be refunded promptly.

# (c)

Anything to the contrary in this chapter notwithstanding, any declarant, dealer, or unit owner who entered into a contract with a purchaser for a unit on or before the effective date shall not be subject to any of the provisions of this section and no such purchaser shall be entitled to exercise any of the rights and remedies against such declarant, dealer or unit owner under this section.

Amendment history

76 Del. Laws, c. 422, § 2; 77 Del. Laws, c. 4, § 15; 77 Del. Laws, c. 91, §§ 68-70, 82; 83 Del. Laws, c. 173, § 13

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In this title (40 sections)
  1. 25-81-314 · Surplus funds
  2. 25-81-315 · Assessments for common expenses
  3. 25-81-316 · Lien for assessments
  4. 25-81-317 · Other liens
  5. 25-81-318 · Association records
  6. 25-81-319 · Association as trustee
  7. 25-81-320 · Rules
  8. 25-81-321 · Litigation involving declarant
  9. 25-81-322 · [Reserved.]
  10. 25-81-323 · Removal of members of executive board
  11. 25-81-324 · Adoption of budget
  12. 25-81-325 · Service on associations and executive board
  13. 25-81-326 · Delaware corporations
  14. 25-81-401 · Applicability; waiver
  15. 25-81-402 · Liability for public offering statement requirements
  16. 25-81-403 · Public offering statement; general provisions
  17. 25-81-404 · Common interest communities subject to development right
  18. 25-81-405 · Time shares
  19. 25-81-406 · Common interest communities containing conversion buildings
  20. 25-81-407 · Common interest community securities
  21. 25-81-408 · Purchaser’s right to cancel
  22. 25-81-409 · Resales of units
  23. 25-81-410 · Escrow of deposits
  24. 25-81-411 · Release of liens
  25. 25-81-412 · Conversion buildings
  26. 25-81-413 · Express warranties of quality
  27. 25-81-414 · Implied warranties of quality
  28. 25-81-415 · Exclusion or modification of implied warranties of quality
  29. 25-81-416 · Statute of limitations for warranties
  30. 25-81-417 · Effect of violations on rights of action; attorneys’ fees
  31. 25-81-418 · Labeling of promotional material
  32. 25-81-419 · Declarant’s obligation to complete and restore
  33. 25-81-420 · Substantial completion of units
  34. 25-81-421 · Amendment to public offering statement
  35. 25-101 · Transfer of title to real estate by deed
  36. 25-102 · Effect of deeds by married women
  37. 25-103 · Circumstances under which wife may bar her dower without…
  38. 25-104 · Trustee for wife with a mental disability; barring of dower
  39. 25-105 · Trustee for husband with a mental disability; barring of…
  40. 25-106 · Effect of deed executed by trustee for spouse with a mental…
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