Florida Community Association Manager Practice Exam

How many days do purchasers of a condo or coop resale unit have to rescind the sales contract?

1. 7 days

2. 5 days

3. 10 days

4. 3 days

The correct answer is: 3 days

When it comes to resales of condominium or cooperative units in Florida, the law provides a specific timeframe within which buyers have the right to rescind the sales contract. This rescission period is set at three days. This three-day timeframe begins when the buyer receives the declaration of condominium or cooperative documents, along with any other necessary disclosure information. It is important for buyers to be aware of this right to rescind because it allows them a brief period to reconsider their purchase after reviewing all relevant documents and information. Understanding this concept is crucial for both consumers and community association managers in Florida, as it helps ensure that buyers are well-informed and protected during the purchasing process.