2010 Pennsylvania Code
Title 68 - REAL AND PERSONAL PROPERTY
Chapter 54 - Protection of Purchasers
5406 - Purchaser's right to cancel.

     § 5406.  Purchaser's right to cancel.
        (a)  General rule.--In cases where delivery of a public
     offering statement is required under section 5401 (relating to
     applicability; waiver), a declarant shall provide a purchaser of
     a unit with a copy of the public offering statement and all
     amendments thereto not later than the date the purchaser
     executes the contract of sale for such unit or, if no contract
     of sale is executed, not later than seven days before conveyance
     of such unit. Unless a purchaser is given the public offering
     statement, including all the currently effective amendments
     thereof, within the time period referred to in the preceding
     sentence, the purchaser, before conveyance, may cancel the
     contract within seven days, after first receiving the public
     offering statement and all currently effective amendments. If a
     public offering statement is amended after the public offering
     statement has been received by a purchaser of a unit, the
     amendment shall be provided to the purchaser promptly after it
     becomes effective. If the amendment materially and adversely
     affects the rights or obligations or both of the purchaser, then
     the purchaser, before conveyance, may cancel the contract of
     sale within seven days after receiving the amendment.
        (b)  Method and effect of cancellation.--If a purchaser
     elects to cancel a contract pursuant to subsection (a), the
     purchaser may do so by hand-delivering notice thereof to the
     declarant or by mailing notice thereof by prepaid United States
     mail to the declarant or to the declarant's agent for service of
     process. Cancellation is without penalty, and all payments made
     by the purchaser before cancellation shall be refunded promptly.
        (c)  Penalty for noncompliance by declarant.--If a declarant
     fails to provide a purchaser to whom a unit is conveyed with a
     public offering statement and all amendments thereto as required
     by subsection (a), the purchaser, in addition to any other
     relief, is entitled to receive from the declarant an amount
     equal to 5% of the sales price of the unit up to a maximum of
     $2,000 or actual damages, whichever is the greater amount. A
     minor omission or error in the public offering statement or an
     amendment thereto that is not willful shall entitle the
     purchaser to recover only actual damages, if any.
     (Mar. 24, 1998, P.L.206, No.37, eff. 60 days)

        1998 Amendment.  Act 37 amended subsec. (a).
        Cross References.  Section 5406 is referred to in sections
     5402, 5403 of this title.