Final answer:
The cancellation period for a purchase contract of a new construction property may vary depending on the terms and conditions stated in the contract. However, if the owner cannot deliver possession, the buyer may cancel and terminate the agreement with a refund.
Step-by-step explanation:
In general, the cancellation period for a purchase contract of a new construction property may vary depending on the terms and conditions stated in the contract. However, there are certain circumstances when a buyer has the right to cancel the purchase contract.
According to the provided information, if the owner is unable to deliver possession of the residence on the agreed date, the buyer may immediately cancel and terminate the agreement upon written notice to the owner. In such cases, any sums paid under the agreement would be refunded in full.
It is important for buyers to review their specific purchase contract and consult with legal professionals to understand the cancellation rights and timelines applicable to their situation.