If the purchaser, lessee or other person acquiring an interest in the subdivided land has not inspected his parcel prior to the time of purchase, lease or other conveyance, the purchase, lease or other conveyancing agreement shall contain a provision giving the purchaser, lessee or other person acquiring an interest in the subdivided land six months within which to personally inspect his parcel. After making the personal inspection within the six-month period, the purchaser, lessee or other person acquiring an interest in the subdivided land has the right to rescind the purchase, lease or other conveyancing agreement and receive a refund of all funds paid on the transaction to the seller, lessor or other conveyor of subdivided land when merchantable title is revested in the seller, lessor or other conveyor of subdivided land. Notice of such rescission to the seller, lessor or other conveyor of subdivided land shall be made in writing and shall be given within three days of the date of personal inspection.
History: 1953 Comp., § 70-5-23, enacted by Laws 1973, ch. 348, § 23; 1995, ch. 212, § 24.
ANNOTATIONSThe 1995 amendment, effective July 1, 1996, rewrote the section to such an extent that a detailed comparison would be impracticable.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 17A Am. Jur. 2d Contracts §§ 565 to 605.
91 C.J.S. Vendor and Purchaser § 156.