EVERY contractor is required by law, (NYS), to notify the homeowner of their rights as a consumer and issue them this notice, when a homeowner accepts a proposal or estimate for work to be done and issues the contractor a deposit for the job. Also, their proposal or estimate form must make reference to this form in very explicit language, and in standard type, (no "fine print").
It must state:
"YOU THE BUYER, MAY CANCEL THIS TRANSACTION AT ANY TIME PRIOR TO MIDNIGHT OF THE THIRD BUSINESS DAY AFTER THE DATE OF THIS TRANSACTION. SEE THE ATTACHED NOTICE OF CANCELLATION FORM FOR AN EXPLANATION OF THIS RIGHT."
When accepting a contractors proposal or estimate, the procedure is as follows: in the last line of the third paragraph, where it states, "...MIDNIGHT OF ___________." the contractor writes in the date that is three business days from the date you accept the job. Where it states, "...I have read and received this notice," you must sign your name and directly across, date the notice.
Should it be a small job that requires little thought, or you can't or do not want to wait for the three business days to pass, and you want the work done on the spot, you must waive your right to cancel by doing the following: Sign and date, just like mentioned above, and then you must write the following on the dotted line, "I wish to waive my right to cancel."
These rights are here to protect you; take advantage of them! Also, this is a great way to test the integrity of a contractor...whether they let you know you DON"T have to do the job on the spot, and that you can change your mind and receive a complete refund of your deposit with NO further obligation!
Also worth noting: A contractor can be fined $1000.00 per occurrence for not complying with this notice and a revocation of their license to conduct residential business!