Delaware § 81-408 Purchaser’s right to cancel

Delaware Statutes

§ 81-408 — Purchaser’s right to cancel

Delaware § 81-408

JurisdictionDelaware

Title25

PartCommon Interests and Ownership of Real Estate

Ch. 81DELAWARE UNIFORM COMMON INTEREST OWNERSHIP ACT

Subch.Protection of Purchasers

This text of Delaware § 81-408 (Purchaser’s right to cancel) is published on Counsel Stack Legal Research, covering Delaware primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Del. Code tit. 25, § 81-408 (2026).

Text

(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 prom

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(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.