Nevada § 116B.755 - Purchaser’s right to cancel

§ 116B.755. Purchaser’s right to cancel

1. A person required to deliver a public offering statement pursuant to subsection

3 of NRS 116B.730 shall provide a purchaser with a copy of the current public offering statement not

later than the date on which an offer to purchase becomes binding on the purchaser. The purchaser may cancel, by written notice, the contract of purchase until midnight

of the fifth calendar day following the date of execution of the contract, and the

contract for purchase must contain a provision to that effect. 2. If a purchaser elects to cancel a contract pursuant to subsection 1, the purchaser

may do so by hand delivering notice thereof to the offeror or by mailing notice thereof

by prepaid United States mail to the offeror or to his or her agent for service of

process. Cancellation is without penalty, and all payments made by the purchaser before cancellation

must be refunded promptly. 3. If a person required to deliver a public offering statement pursuant to subsection

3 of NRS 116B.730 fails to provide a purchaser to whom a unit is conveyed with a current public offering

statement, the purchaser is entitled to actual damages, rescission or other relief,

but if the purchaser has accepted a conveyance of the unit, the purchaser is not entitled

to rescission.