2007 Minnesota Statutes

515B.4-106 PURCHASER'S RIGHT TO CANCEL.
(a) A person required to deliver a disclosure statement pursuant to section 515B.4-101(b)
shall provide at least one of the purchasers of the unit with a copy of the disclosure statement and
all amendments thereto before conveyance of the unit. If a purchaser is not given a disclosure
statement more than ten days before execution of the purchase agreement, the purchaser may,
before conveyance, cancel the purchase agreement within ten days after first receiving the
disclosure statement. If a purchaser is given the disclosure statement more than ten days before
execution of the purchase agreement, the purchaser may not cancel the purchase agreement
pursuant to this section. The ten-day rescission period may be modified or waived, in writing, by
agreement of the purchaser of a unit only after the purchaser has received and had an opportunity
to review the disclosure statement. The person required to deliver a disclosure statement may
not condition the sale of the unit on the purchaser agreeing to modify or waive the purchaser's
ten-day right of rescission, may not contractually obligate the purchaser to modify or waive the
purchaser's ten-day right of rescission, and may not include a modification or waiver of the
ten-day right of rescission in any purchase agreement for the unit. To be effective, a modification
or waiver of a purchaser's ten-day right of rescission must be evidenced by an instrument separate
from the purchase agreement signed by the purchaser more than three days after the purchaser
receives the disclosure statement.
(b) If an amendment to the disclosure statement materially and adversely affects a purchaser,
then the purchaser shall have ten days after delivery of the amendment to cancel the purchase
agreement in accordance with this section. The ten-day rescission period may be modified or
waived, in writing, by agreement of the purchaser of a unit only after the purchaser has received
and had an opportunity to review the amendment. To be effective, a modification or waiver
of a purchaser's ten-day right of rescission under this section must be evidenced by a written
instrument separate from the purchase agreement signed by the purchaser more than three days
after the purchaser receives the amendment.
(c) If a purchaser elects to cancel a purchase agreement pursuant to this section, the purchaser
may do so by giving notice thereof pursuant to section 515B.1-115. Cancellation is without
penalty, and all payments made by the purchaser before cancellation shall be refunded promptly.
Notwithstanding anything in this section to the contrary, the purchaser's cancellation rights under
this section terminate upon the purchaser's acceptance of a conveyance of the unit.
(d) If a declarant obligated to deliver a disclosure statement fails to deliver to the purchaser a
disclosure statement which substantially complies with this chapter, the declarant shall be liable to
the purchaser in the amount of $1,000, in addition to any damages or other amounts recoverable
under this chapter or otherwise. Any action brought under this subsection shall be commenced
within the time period specified in section 515B.4-115, subsection (a).
History: 1993 c 222 art 4 s 6; 1999 c 11 art 2 s 27; 2000 c 260 s 78; 2004 c 203 art 1 s 7;
2005 c 121 s 37; 1Sp2005 c 7 s 23