24 C.F.R. § 1710.559 Previously accepted state filings—notice of revocation rights in contracts and agreements.
Title 24 - Housing and Urban Development
(a)(1) All contracts or agreements, including promissory notes used in sale of lots for filings made with the Secretary pursuant to §1710.552, must contain the following language in boldface type (which must be distinguished from the type used for the rest of the contract) on the face or signature page above all signatures:
You have the option to cancel your contract or agreement of sale by notice to the seller until midnight of the seventh day following the signing of the contract or agreement. If you did not receive a Property Report prepared pursuant to the rules and regulations of the Office of Interstate Land Sales Registration, U.S. Department of Housing and Urban Development, in advance of your signing the contract or agreement, this contract or agreement may be revoked at your option for two years from the date of signing. (2) If the purchaser is entitled to a longer revocation period by operation of State law or the Act, that period becomes the Federal revocation period and the contract or agreement must reflect the longer period, rather than the seven days. The language shall be consistent with that shown on the Cover Page (see §1710.558). (b) The above revocation provisions may not be limited or qualified in the contract or other document by requiring a specific type of notice or by requiring that notice be given at a specified place.
Title 24: Housing and Urban Development
PART 1710—LAND REGISTRATION
Subpart C—Certification of Substantially Equivalent State Law
§ 1710.559 Previously accepted state filings—notice of revocation rights in contracts and agreements.
