§ 34-36.1-4.08. Purchaser’s rights to cancel.
(a) A person required to deliver a public offering statement pursuant to § 34-36.1-4.02(c) shall provide a purchaser of a unit with a copy of the public offering statement and all amendments thereto before conveyance of that unit, and not later than the date of any contract of sale. Unless a purchaser is given the public offering statement more than ten (10) days before execution of a contract for the purchase of a unit the purchaser, before conveyance, may cancel the contract within ten (10) days after first receiving the public offering statement.
(b) If a purchaser elects to cancel a contract pursuant to subsection (a), he or she may do so by hand delivering notice thereof to the offeror or by mailing notice thereof by prepaid United States mail to the offeror or offeror’s agent for service of process. Cancellation is without penalty, and all payments made by the purchaser before cancellation shall be refunded promptly.
(c) If a person required to deliver a public offering statement pursuant to § 34-36.1-4.02(c) fails to provide a purchaser to whom a unit is conveyed with that public offering statement and all amendments thereto as required by subsection (a), the purchaser, in addition to any rights to damages or other relief, is entitled to receive from that person an amount equal to ten percent (10%) of the sales price of the unit.
History of Section.P.L. 1982, ch. 329, § 2.
Structure Rhode Island General Laws
Chapter 34-36.1 - Condominium Law
Article IV - Protection of Condominium Purchasers
Section 34-36.1-4.01. - Applicability — Waiver.
Section 34-36.1-4.02. - Liability for public offering statement requirements.
Section 34-36.1-4.03. - Public offering statement — General provisions.
Section 34-36.1-4.04. - Public offering statement — Condominiums subject to development rights.
Section 34-36.1-4.05. - Public offering statement — Time shares.
Section 34-36.1-4.06. - Public offering statement — Condominiums containing conversion buildings.
Section 34-36.1-4.07. - Public offering statement — Condominium securities.
Section 34-36.1-4.08. - Purchaser’s rights to cancel.
Section 34-36.1-4.09. - Resale of units.
Section 34-36.1-4.10. - Escrow of deposits.
Section 34-36.1-4.11. - Release of liens.
Section 34-36.1-4.12. - Conversion buildings.
Section 34-36.1-4.13. - Express warranties of quality.
Section 34-36.1-4.14. - Implied warranties of quality.
Section 34-36.1-4.15. - Exclusion or modification of implied warranties of quality.
Section 34-36.1-4.16. - Statute of limitations for warranties.
Section 34-36.1-4.17. - Effect of violations on rights of action — Attorney’s fees.
Section 34-36.1-4.18. - Labeling of promotional material.
Section 34-36.1-4.19. - Declarant’s obligation to complete and restore.