This bill amends West Virginia Code §36B-4-109 to clarify the process by which purchasers can cancel contracts for the resale of real property units when resale certificates are not provided. It introduces specific provisions that outline the steps a seller must take if a resale certificate is unavailable, as well as establishing a time frame for cancellation when the sales contract does not specify one. The new language specifies that if the resale certificate or a notice of its unavailability is delivered before the contract is ratified, the purchaser has three days to cancel the contract unless a different time period is agreed upon. Similarly, if the certificate is delivered after ratification, the purchaser also has three days from receipt to cancel.

Additionally, the bill stipulates that if the resale certificate has not been delivered at all, the purchaser may cancel the contract at any time prior to settlement. It requires that written notice of cancellation be provided to the seller, and emphasizes that cancellation will be without penalty, ensuring that any deposits or escrowed funds are returned promptly to the purchaser. The bill also addresses situations where a unit is governed by multiple associations, stating that the cancellation timeframe will begin from the delivery of the last resale certificate.

Statutes affected:
Introduced Version: 36B-4-109