(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 the seller or the seller's agent notice thereof pursuant to section 515B.1-115 or, if the seller or seller's agent has provided an electronic address at which the seller or seller's agent agrees to receive electronic communication, as defined in section 317A.011, subdivision 7a, by electronic communication sent to that address. 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 $5,000, 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).
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; 2010 c 267 art 4 s 5; 2017 c 38 s 1
Structure Minnesota Statutes
Chapters 500 - 515B — Property And Property Interests
Chapter 515B — Minnesota Common Interest Ownership Act
Section 515B.1-101 — Short Title.
Section 515B.1-102 — Applicability.
Section 515B.1-103 — Definitions.
Section 515B.1-104 — Variation By Agreement.
Section 515B.1-105 — Separate Titles And Taxation.
Section 515B.1-106 — Applicability Of Local Requirements.
Section 515B.1-107 — Eminent Domain.
Section 515B.1-108 — This Chapter Prevails; Supplemental Law.
Section 515B.1-109 — Construction Against Implicit Repeal.
Section 515B.1-1105 — Vacation Of Abutting Publicly Dedicated Property.
Section 515B.1-112 — Unconscionable Agreement Or Term Of Contract.
Section 515B.1-113 — Obligation Of Good Faith.
Section 515B.1-114 — Remedies To Be Liberally Administered.
Section 515B.1-116 — Recording.
Section 515B.2-101 — Creation Of Common Interest Communities.
Section 515B.2-102 — Unit Boundaries.
Section 515B.2-103 — Construction And Validity Of Declaration And Bylaws.
Section 515B.2-104 — Description Of Units.
Section 515B.2-105 — Declaration Contents; All Common Interest Communities.
Section 515B.2-106 — Declaration Of Flexible Common Interest Communities.
Section 515B.2-107 — Declaration Of Leasehold Common Interest Communities.
Section 515B.2-108 — Allocation Of Interests.
Section 515B.2-109 — Common Elements And Limited Common Elements.
Section 515B.2-110 — Common Interest Community Plat (cic Plat); Cic Created Before August 1, 2010.
Section 515B.2-111 — Expansion Of Flexible Common Interest Community.
Section 515B.2-112 — Subdivision, Combination, Or Conversion Of Units.
Section 515B.2-113 — Alteration Of Units.
Section 515B.2-114 — Relocation Of Boundaries Between Adjoining Units.
Section 515B.2-115 — Minor Variations In Boundaries.
Section 515B.2-116 — Use For Sales Purposes.
Section 515B.2-117 — Declarant's Easement Rights.
Section 515B.2-118 — Amendment Of Declaration.
Section 515B.2-119 — Termination Of Common Interest Community.
Section 515B.2-120 — Rights Of Secured Parties.
Section 515B.2-121 — Master Associations.
Section 515B.2-122 — Merger Or Consolidation Of Common Interest Communities.
Section 515B.2-123 — Change Of Form Of Common Interest Community.
Section 515B.2-124 — Severance Of Common Interest Community.
Section 515B.2-125 — Addition Of Common Elements.
Section 515B.3-101 — Organization Of Unit Owners' Association.
Section 515B.3-102 — Powers Of Unit Owners' Association.
Section 515B.3-103 — Board Of Directors, Officers And Declarant Control.
Section 515B.3-105 — Termination Of Contracts, Leases; Cic Created Before August 1, 2010.
Section 515B.3-106 — Bylaws; Annual Report.
Section 515B.3-107 — Upkeep Of Common Interest Community.
Section 515B.3-108 — Meetings.
Section 515B.3-110 — Voting; Proxies.
Section 515B.3-111 — Tort And Contract Liability.
Section 515B.3-112 — Conveyance Of, Or Creation Of Security Interests In, Common Elements.
Section 515B.3-113 — Insurance.
Section 515B.3-114 — Reserves; Surplus Funds.
Section 515B.3-1141 — Replacement Reserves.
Section 515B.3-115 — Assessments For Common Expenses; Cic Created Before August 1, 2010.
Section 515B.3-1151 — Assessments For Common Expenses; Cic Created On Or After August 1, 2010.
Section 515B.3-116 — Lien For Assessments.
Section 515B.3-117 — Other Liens.
Section 515B.3-118 — Association Records.
Section 515B.3-119 — Association As Trustee.
Section 515B.3-120 — Declarant Duties; Turnover Of Records.
Section 515B.3-121 — Accounting Controls.
Section 515B.4-101 — Applicability; Delivery Of Disclosure Statement.
Section 515B.4-102 — Disclosure Statement; General Provisions; Cic Created Before August 1, 2010.
Section 515B.4-103 — Common Interest Communities Subject To Rights To Add Additional Real Estate.
Section 515B.4-104 — Time Shares.
Section 515B.4-105 — Common Interest Community With Building Once Occupied.
Section 515B.4-106 — Purchaser's Right To Cancel.
Section 515B.4-107 — Resale Of Units.
Section 515B.4-108 — Purchaser's Right To Cancel Resale.
Section 515B.4-109 — Escrow Deposits.
Section 515B.4-110 — Obligation To Release Liens.
Section 515B.4-111 — Conversion Property.
Section 515B.4-112 — Express Warranties.
Section 515B.4-113 — Implied Warranties.
Section 515B.4-114 — Exclusion Or Change Of Implied Warranties.
Section 515B.4-115 — Statute Of Limitations For Warranties; Cic Created Before August 1, 2010.
Section 515B.4-1152 — Statute Of Limitations For Warranties; Cic Created On Or After August 1, 2011.
Section 515B.4-116 — Rights Of Action; Attorney's Fees.
Section 515B.4-117 — Labeling Of Promotional Material.
Section 515B.4-118 — Declarant's Obligation To Complete And Restore.