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Rescission / cancellation (by KC):

duyl2 wrote:

In Nevada the notice of Cancellation said the developer shall, within 20 days return all the money made by purchaser. Should I wait until 45 days? I am going to file a lawsuit if I don’t get my refund after 20 days. What are your opinion?

My personal opinion (offered only since you've overtly asked for it) is that you would be a fool to undertake the wasted expense of initiating costly legal action after 20 days. Why would you even consider doing that? You're going to get the same 100% refund, whether it's in 10, 20, 30 or 45 days. Accordingly, what do you have to gain by "filing a lawsuit"? That just sounds outright silly to me, quite frankly.

The 45 days derives from Federal law (specifically, a provision within the Fair Credit Reporting Act). It usually doesn't take nearly that long. States can always attempt to impose deadlines more (but never less) restrictive than comparable Federal law in their state statutes. Generally speaking, however, Federal law usually prevails over state law. Whether what you cite is actual Nevada law or just a "guideline", I do not claim to know.

In the final analysis, it's entirely your personal choice and decision just how much "sabre rattling" you want to initiate over the difference between 10 or 20 days or 45 days. In any case, you are still going to get 100% of your money refunded to you.