Idaho Code 55-1804A – Right of Rescission
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 55-1804A
- Contract: A legal written agreement that becomes binding when signed.
- Disposition: includes sale, lease, assignment, award by lottery or any other transaction concerning a subdivision, if undertaken for gain or profit. See Idaho Code 55-1802
- Purchaser: means a person who acquires or attempts to acquire or succeeds to an interest in land. See Idaho Code 55-1802
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
- subdivided lands: means and includes the following:
Idaho Code 55-1802Subdivider: means any owner of subdivided land who offers it for disposition or the principal agent of an inactive owner. See Idaho Code 55-1802
Any contract or agreement of disposition for an interest in subdivided lands may be rescinded by the purchaser without cause by personally delivering or sending by certified mail, a written notice of cancellation to the subdivider on or before 11:59 p.m. of the fifth calendar day after execution of the contract or agreement of disposition. The contract or agreement of disposition shall state this right and terms in boldface type on the signature page and shall include the address of the subdivider.