§ 26-6-8. Tenant's right to rescind.

Latest version.

A tenant may rescind an earnest money agreement or any other acceptance of an offer of sale by delivering to the developer or his agent by registered or certified mail, written notice of rescission within ten (10) days of acceptance of the offer. Upon receipt of a timely rescission, the developer shall immediately refund any deposit, earnest money, or other funds and the parties shall have no further rights or liabilities under the purchase agreement. Developers shall include in their sales contracts a clause informing purchasers of their rights under this section; such a clause must be located immediately above the purchaser's signature under a conspicuous caption entitled "Purchaser's Right to Cancel."

(Ord. No. 400-H, § 1(16A-1-8), 7-30-80)

                    
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