§514B-86 Requirements for binding sales contracts; purchaser's right to cancel. (a) No sales contract for the purchase of a unit from a developer shall be binding on the developer, prospective purchaser, or purchaser until:
(b) Purchasers may cancel a sales contract at any time up to midnight of the thirtieth day after:
(c) The prospective purchaser may waive the right to cancel, or shall be deemed to have waived the right to cancel, by:
(d) The receipts, return receipts, or cancellation notices obtained under this section shall be kept on file in possession of the developer and shall be subject to inspection at any reasonable time by the commission or its staff or agents for a period of three years from the date the receipt or return receipt was obtained. [L 2005, c 93, pt of §4; am L 2007, c 244, §5]