You could use any agreed upon form of electronic communication to call off buying a condominium or a unit in a cooperative, under a bill was passed by the House 131-0 Thursday.Rep. Eric Lucero (R-Dayton), HF1118 now moves to the Senate, where Sen. Warren Limmer (R-Maple Grove) is the sponsor.
Condos and apartments in co-op buildings are known as common interest community units, or CIC units. Under the bill, buyers could cancel purchase agreements for a CIC unit via an electronic message to an address provided by the seller, whether the seller is the original developer or a subsequent owner.
Lucero explained that current law requires buyers who opt not to proceed with a purchase agreement during a 10-day window for reviewing CIC documents do so in writing.
“This makes it so notification of this type of cancellation can occur electronically, as with other cancellations,” he said.
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