How many days do prospective buyers have to rescind a contract for purchasing a condominium?

Under North Carolina law, prospective buyers of a condominium have 7 days to rescind their purchase contract. This period is designed to provide buyers with adequate time to review the buyer disclosure statements and other important documentation regarding the condominium association. The 7-day rescission period allows buyers to reconsider their decision without facing undue pressure, ensuring they fully understand their obligations and rights associated with the purchase. This provision helps to protect consumers in real estate transactions, particularly in the context of condominium purchases where the complexities of association rules and fees may influence the buyer's decision.