What must a developer disclose regarding residential cooperative units?

In the context of residential cooperative units, it is important for developers to disclose the information that buyers can cancel the contract within 15 calendar days. This disclosure is crucial because it provides potential buyers with an opportunity to reconsider their purchase decision without facing significant penalties or complications. The 15-day cancellation period serves as a consumer protection measure, ensuring that buyers have adequate time to review the terms of the contract, understand their rights, and make informed decisions regarding their investment.

This is particularly relevant in the context of cooperative housing, where the complexities of shared ownership and governance can be daunting for new buyers. By being aware of their right to cancel within this timeframe, buyers can approach the purchase with greater confidence, knowing they have the option to back out if they feel the need to do so.

The concept of a 15-day cancellation period helps foster transparency and trust between developers and buyers, as it makes clear that the buyers are not irreversibly bound to the contract upon signing. This practice aligns with various consumer protection laws aimed at creating fair and equitable conditions for real estate transactions.