What notice is required to cancel a cooperative or condominium contract with a developer?

In Florida, a buyer of a cooperative or condominium unit has the right to cancel their contract with the developer within a specific time frame as a consumer protection measure. This right is established under the Florida Condominium Act and the Cooperative Act.

The required notice for cancellation is 15 days. This period is intended to give buyers the opportunity to review the purchase agreement and any applicable documents related to the property after they sign the contract, ensuring that they have adequate time to reconsider their decision. During this time, buyers can assess the details of the transaction and their future investment, potentially avoiding rushed decisions that might lead to buyer's remorse.

Understanding the importance of this cancellation period helps consumers make informed choices when purchasing real estate, as it safeguards their interests and rights in the transaction.