§ 557a-14

557A.14 Purchaser’s and developer’s rights relating to property report. 1. A purchaser may at any time within five business days following the receipt of all information required in sections 557A.11 and 557A.12 rescind in writing a contract of salewithout stating any reason and without any liability on the purchaser’s part. All paymentsmade by the purchaser before rescission shall be refunded within thirty days after receipt ofthe notice of rescission as provided in subsection 3. 2. The developer may cancel the contract of purchase without penalty to either person at any time within five business days after the receipt by the purchaser of the disclosurematerials required in sections 557A.11 and 557A.12. The developer shall return all paymentsmade and the purchaser shall return all materials received in good condition, reasonable wearand tear excepted. If the materials are not returned, the developer may deduct their cost andreturn the balance to the purchaser. 3. If either person elects to cancel a contract pursuant to subsection 1 or 2, the person may do so by hand delivery or personal service, or electronic or prepaid United States mailto the other person or to the person’s

elects to cancel a contract pursuant to subsection 1 or 2, the person may do so by hand delivery or personal service, or electronic or prepaid United States mailto the other person or to the person’s agent for service of process. 4. Material furnished under sections 557A.11 and 557A.12 may not be changed or amended following delivery to a purchaser without the prior approval of the purchaser, ifthe change or amendment would materially affect the rights of the purchaser. A copy ofamendments shall be delivered promptly to the purchaser. 5. A developer who makes a false or misleading statement of fact that reasonably could affect the purchaser’s decision to enter into the contract of sale, or omits to include a fact, inthe information required to be disclosed under sections 557A.11 and 557A.12 shall be liableto the purchaser for damages, and, at the election of the purchaser, the misrepresentationshall be sufficient to void the contract for sale. 6. Rights of purchasers under this section shall not be waived in the contract of sale and an attempt to waive is void. 85 Acts, ch 155, §14Referred to in §557A.3 Sat Dec 23 11:05:10 2023 Iowa Code 2024, Section 557A.14 (17, 0)