515B.4-108 Purchaser's right to cancel resale.
(a) Unless a purchaser is given the information required to be delivered by section 515B.4-107, by a delivery method described in that section, more than five days prior to the execution of the purchase agreement for the unit the purchaser may, prior to the conveyance, cancel the purchase agreement within five days after receiving the information. Except as expressly provided in this chapter, the five-day rescission period cannot be waived.
(b) A purchaser who elects to cancel a purchase agreement pursuant to subsection (a), may do so by hand delivering notice thereof or mailing notice by postage prepaid United States mail to the seller or the agent. Cancellation is without penalty and all payments made by the purchaser shall be refunded promptly.
HIST: 1993 c 222 art 4 s 8; 1999 c 11 art 2 s 29; 2004 c 203 art 1 s 8
Official Publication of the State of Minnesota
Revisor of Statutes