76-883. Delivery of public-offering statement; purchaser's rights.

246 words·~1 min read·/ne/chapter-76/76-883

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

(a)A person required to deliver a public-offering statement pursuant to subsection

(c)of section 76-879 shall provide a purchaser of a unit with a copy of the public-offering statement and all amendments thereto before conveyance of that unit and not later than the date of any contract of sale. Unless a purchaser is given the public-offering statement more than fifteen days before execution of a contract for the purchase of a unit, the purchaser, before conveyance, may cancel the contract within fifteen days after first receiving the public-offering statement.

(b)After receiving the public-offering statement and all amendments, a purchaser has the right to have an independent inspection of the building's structure and mechanical systems conducted at the purchaser's expense.

(c)If a purchaser elects to cancel a contract pursuant to subsection

(a)of this section, he or she may do so by hand-delivering notice thereof to the offeror or by mailing notice thereof by mail postage prepaid to the offeror or to his or her agent for service of process. Cancellation is without penalty, and all payments made by the purchaser before cancellation shall be refunded promptly.

(d)If a person required to deliver a public-offering statement pursuant to subsection

(c)of section 76-879 fails to provide a purchaser to whom a unit is conveyed with that public-offering statement and all amendments thereto as required by subsection

(a)of this section, the purchaser is entitled to receive damages and other relief from that person.