45:22A-26 - Registration of development; delivery to purchaser of current public offering statement; right to cancel contract after execution; notice - New Jersey Statutes

45:22A-26.  Registration of development;  delivery to purchaser of current public offering statement;  right to cancel contract after execution;  notice
    a.  Unless otherwise exempted:

    (1) No developer may offer or dispose of any interest in a planned real estate development, prior to the registration of such development with the agency.

    (2) No developer may dispose of any lot, parcel, unit, or interest in a planned real estate development, unless he:  delivers to the purchaser a current public offering statement, on or before the contract date of such disposition.

    b.  Any contract or agreement for the purchase of any parcel, lot, unit, or  interest in a planned real estate development may be canceled without cause by  the purchaser by sending or delivering written notice of cancellation by  midnight of the seventh calendar day following the day on which the purchaser  has executed such contract or agreement.  Every such contract or agreement  shall contain, in writing, the following notice in 10-point bold type or  larger, directly above the space provided for the signature of the purchaser:

      "NOTICE TO THE PURCHASER:  you have the right to cancel this contract by sending or delivering written notice of cancellation to the developer by midnight of the seventh calendar day following the day on which it was executed.  Such cancellation is without penalty, and any deposit made by you shall be promptly refunded in its entirety."

    c.  Notice as required in subsection b. shall, in addition to all other requirements, be conspicuously located and simply stated in the public offering  statement.

    d.  The developer shall make copies of the public offering statement freely  available to prospective purchasers prior to the contract date of disposition.

     L.1977, c. 419, s. 6.