What happens if I enter into a contract to buy and I change my mind?
The purchaser may cancel a contract of sale within fifteen days after executing it. To cancel, the buyer must either hand-deliver or mail notice to the seller or his agent. Cancellation is without penalty and all payments made by the purchaser before cancellation must be refunded promptly.
Are there exceptions to this rule?
Yes. If a common interest community has twelve or fewer units, and is fully built, they do not have to supply resale documents and buyers have no right of cancellation after the contract is signed.
You should take extreme caution in purchasing any condo without full disclosure of the association’s condition. For example, what if the association has racked up huge debts? What if half of the condo owners don’t pay their dues? You must be particularly cautious because once you sign, you have no right to cancel.
Learn more about owning a condo in Connecticut