§1141.44. Purchaser's right to cancel
A. The person required to deliver a public offering statement shall provide a
purchaser with a copy of the public offering statement and all amendments thereto at least
fifteen days before transfer of the lot. A purchaser shall not be required to acquire a lot
unless fifteen days have elapsed from the date of the delivery of the public offering
statement. A purchaser, before transfer, may cancel the contract within fifteen days after first
receiving the public offering statement.
B. If a purchaser does not receive a public offering statement as required by this
Subpart, the purchaser may cancel any contract to sell any time prior to the transfer, and,
upon doing so, shall be entitled to recover actual damages.
C. A purchaser may cancel a contract pursuant to Subsection A or B of this Section
by hand delivering or mailing notice thereof by prepaid United States mail to the seller or his
agent for service of process. Cancellation is without penalty. All payments made by the
purchaser to the seller before cancellation shall be promptly refunded.
D. If a purchaser does not receive a public offering statement as required by this
Subpart prior to or at the time of the execution of the contract to sell, the purchaser may
recover all costs and expenses incurred if the purchaser elects to cancel the contract to sell
prior to acquisition of the lot.
Acts 2024, No. 158, §2, eff. Jan. 1, 2025.