| Purchasers
in two types of subdivisions have an unqualified right
of rescission. The types of subdivisions are undivided
interest and timeshare. For both, the time limit for
rescission is midnight of the third calendar day following
the day the purchaser executed the offer to purchase.
(Business and Professions Code Sections
11000.2 and 11024)
The owner, subdivider, or agent of the owner or subdivider
must conspicuously disclose to all prospective buyers
the right of rescission and give each buyer a rescission
form for the possible exercise of this right. Regulations
specify the exact language, type, and size of print
to be used. By following the instructions on the rescission
form, a person who has made an offer to purchase may
cancel without giving any reason or incurring any penalty.
(Commissioner’s Regulations
2792.30, 2792.31, 2813.12 and 2813.13)
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