(a) The developer shall include in the contract of sale for each condominium unit a clause which shall read as follows:
"Seller hereby grants to purchaser a period of ten days within which to review the condominium documents made available to the purchaser pursuant to this chapter.
Notwithstanding any other provision of this agreement, if the purchaser is not satisfied with the such condominium documents, the purchaser may, at his or her election, by written notice to the seller at any time prior to midnight local time of the tenth day following the date the contract is signed by the purchaser, terminate this agreement, and the purchaser's deposit shall be refunded and the parties hereto shall have no further rights or liabilities under the agreement."
(b) The clause in the sales contract which provides for the ten-day cooling-off period must be located:
(1) Either immediately above the purchaser's signature; or
(2) Under a conspicuous caption entitled "PURCHASER'S RIGHT TO CANCEL."
(c) The rights of purchasers under this section may not be waived in the contract of sale, and any attempted waiver is void.
(1977 Code § 15-117)