(a) Any purchaser or option holder may, at his or her election, cancel an executed contract between himself or herself and the developer for the purchase of a condominium unit by delivering to the developer or his or her authorized agent written notice of cancellation at any time within three days following the date the contract is signed by the purchaser or option holder. Such delivery may be accomplished by mail and the date of the postmark or mailing receipt shall be interpreted as the date on which delivery to the developer or his or her authorized agent was made.
(b) Upon receipt of a timely cancellation, the developer shall immediately refund any deposit, earnest money or other funds and the parties shall have no further rights or liabilities under the contract.
(Ord. 1985-21. Passed 4-9-85.)