Chapter 718 Florida Statute - establishes procedures for creating, selling and operating condominiums. The law requires that the developer give a disclosure statement to the buyer stating that the buyer may cancel the contract within 15 calendar days of signing the contract or of receipt by the buyer of the condominium documents, whichever is later. A purchaser of an existing (resale) condominium unit has the right to cancel the contract within 3 business days after the date of the execution of the contract and receipt by the buyer of the condo documents.