367.477 Statement of buyer's rights.

218 words·~1 min read·/ky/chapter-367/367-477

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)In the sale of any interest subject to KRS 367.472, 367.474, 367.4774, 367.4776,

367.4778, 367.484, 367.993, and this section, the subdivider shall present to the

buyer and obtain his signature to a written agreement or offer to purchase which

designates as the date of the transaction the date on which the buyer actually signs

and contains a statement of the buyer's rights which complies with subsection

(2)of

this section.

(2)The statement shall:

(a)Appear under the conspicuous caption: "BUYER'S RIGHT TO CANCEL," in

bold-face type of a minimum size of fourteen

(14)points; and

(b)Read as follows: "If you decide you do not want this interest you may cancel

this agreement by mailing a notice to the seller. The notice must say that you

do not want the interest and must be mailed before midnight of the fifth

business day after you sign this agreement. The notice must be mailed to:

........................................................................................................

........................................................................................................"

(3)A copy of the written agreement or offer to purchase containing the notice of right

to cancel shall be given to the buyer on the date the buyer signs.

(4)Until the seller has complied with this section, the buyer may cancel the sale by

notifying the seller in any manner and by any means of his intention to cancel.