Final answer:
Before a buyer or seller may consider canceling a transaction, there must be a failure to deliver possession or a similar substantial breach of the agreement. Either party can cancel the agreement with written notice if possession cannot be transferred as agreed, with provisions for a refund if canceled, or the agreement terms will be prorated based on the actual possession date.
Step-by-step explanation:
Before a buyer or seller may consider canceling a transaction, the other person needs to have a failure to deliver possession or similar material breach. As outlined in the agreement, if the owner is unable to deliver possession of the residence to the residents on the agreed date due to various circumstances such as loss, destruction, or failure of prior residents to vacate, either the resident or the owner may cancel the agreement via written notice.
It is important to note that the agreement includes provisions for a refund of any sums paid if the agreement is canceled. If the agreement is not canceled despite the delay, the terms of the agreement are prorated to start on the date of actual possession.