§ 47C-4-108. Purchaser's right to cancel. - North Carolina Statutes

§ 47C‑4‑108. Purchaser's right to cancel.

(a)        A person required to deliver a public offering statementpursuant to G.S. 47C‑4‑102(c) shall provide a purchaser of a unitor the spouse of such purchaser with a copy of the public offering statementand all amendments thereto before a contract to purchase the unit is executed.No conveyance pursuant to the contract to purchase may occur until sevencalendar days following the execution of the contract and a purchaser has theabsolute right to cancel the contract at any time during this seven calendarperiod. Cancellation is without penalty, and all payments made by the purchaserbefore cancellation shall be refunded promptly.

(b)        If a purchaser elects to cancel a contract pursuant tosubsection (a), he may do so by hand‑delivering notice thereof to theofferor or by mailing notice thereof by prepaid United States mail to theofferor or to his agent for service of process. (1985 (Reg. Sess., 1986), c. 877, s. 1.)