Every contract or agreement for the sale or lease of subdivided lands shall expressly grant to the purchaser or lessee the absolute right to cancel the contract or agreement within seven days following the signing of the contract or agreement, by giving the subdivider notice of cancellation at the address listed in the offering statement filed by the subdivider, by registered or certified mail return receipt requested. Within ten days of receipt of such a notice of cancellation the subdivider shall return to the purchaser or lessee all consideration paid or delivered on account of such contract or agreement.
New York Legal Code