§ 34-36-34.1 - Rescission of purchase agreement or action for damages – Limitations of action.
SECTION 34-36-34.1
§ 34-36-34.1 Rescission of purchaseagreement or action for damages – Limitations of action. – (a) Any person who, in reasonable reliance upon any material, false ormisleading statements or information published by or under authority from theowner or developer, in advertising and promotional materials, including but notlimited to brochures and newspaper advertising, pays anything of value towardthe purchase of or acquiring an interest in a condominium located in this stateshall have a cause of action to rescind the contract or collect damages fromthe owner or developer for his or her loss or damages prior to closing of thetransaction by which he or she purchases or acquires the interest. After theclosing of the transaction, the purchaser shall have a cause of action againstthe owner or developer for damages under this section from the time of closinguntil one year after the date upon which the last of the events described insubdivisions (1) through (4) shall occur:
(1) The date of closing of the transaction; or
(2) The first issuance by the applicable governmentalauthority of a certificate of occupancy or other evidence of sufficientcompletion of construction of the building containing the apartment to allowlawful occupancy of the apartment; or
(3) The completion by the owner or developer of the commonelements and recreational facilities (whether or not the recreationalfacilities are common elements) which the owner or developer is obligated tocomplete or provide under the terms of the written contract or writtenagreement for purchase and sale of the apartment; or
(4) In the event there shall not be a written contract ofagreement for purchase and sale of the apartment, then the completion by theowner or developer of the common elements and such recreational facilities(whether or not the recreational facilities are common elements) which theowner or developer would be obligated to complete under any rule of lawapplicable to the owner's or developer's obligations, provided however thatnothing contained herein shall be deemed to create a cause of action otherwisebarred by the statute of frauds.
(b) Under no circumstances shall a cause of action created orrecognized under this section survive for a period of more than five (5) yearsafter the closing of the transaction.