South Carolina right to rescind on a resale

[mathewsj26]

Time shares sales rep told me that in South Carolina the buyer does not have a 5 day right to rescind on a timeshare resale. I cannot find any info confirming this. Can anyone confirm?

 

[SmithOp]

False, were his lips moving? I can't find anything in the law excluding resale from recission.

http://www.scstatehouse.gov/code/t27c032.php


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[Passepartout]

Were his lips moving? I think the right of rescission is a state law and there is no difference whether the purchase is pre-owned or not. Remember, ALL timeshares are USED and EVERY interval was owned (by some entity- even if it was the developer) before it is sold to a new owner. The sales weasel was lying.

This- from South Carolina codes:
SECTION 27-32-40. Furnishing copy of contract to purchaser; terms thereof.

(A) It is a violation of this chapter for the seller of a vacation time sharing plan to fail to utilize and furnish the purchaser a fully completed copy of a contract pertaining to the sale at the time of its execution. The contract must include the:

(1) actual date the contract is executed by all parties;

(2) name and address of the seller;

(3) total financial obligation of the purchaser, including the initial purchase price and additional charges to which the purchaser may be subject;

(4) specific term of the contract; and

(5)(a) following statement in immediate proximity to the space reserved in the contract for the signature of the purchaser and in bold type:

"YOU MAY CANCEL THIS CONTRACT WITHOUT PENALTY OR OBLIGATION WITHIN FIVE DAYS AFTER THE DATE YOU SIGN THIS CONTRACT, NOT INCLUDING SUNDAY IF THAT IS THE FIFTH DAY, OR THE DATE YOU RECEIVE THE DISCLOSURE STATEMENT PURSUANT TO SECTION 27-32-100, WHICHEVER OCCURS LATER. IF YOU DECIDE TO CANCEL, YOU MUST NOTIFY THE SELLER IN WRITING OF YOUR INTENT TO CANCEL BY SENDING NOTICE BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY ANOTHER VERIFIABLE MEANS, TO (NAME OF SELLER) AT (SELLER'S ADDRESS)."

(b) in the case of a vacation time sharing lease plan the following statement also must be included:

"YOU ALSO MAY CANCEL THIS CONTRACT AT ANY TIME IN CASE THE ACCOMMODATIONS OR FACILITIES PROVIDED IN THE CONTRACT OR COMPARABLE ACCOMMODATIONS OR FACILITIES ARE NO LONGER AVAILABLE."

(B) Notice of cancellation pursuant to this section is considered given on the date postmarked if mailed, or when transmitted from the place of origin if telegraphed, so long as the notice is actually received by the seller. If given by means of a writing transmitted other than by mail or telegraph, the notice is considered given at the time of delivery at the seller's address as identified on the contract.

HISTORY: 1978 Act No. 640, Section 1; 1979 Act No. 179, Section 1; 1990 Act No. 544, Section 1; ;2003 Act No. 84, Section 1.

Notice that it says 'unrestricted right of rescission'

Jim

 

[tschwa2]

Are you talking about buying from the developer that has been turned back in by the original owner or are you talking about buying from a broker or an individual? Florida has rescission laws that apply even when you are buying a resale from an individual or from a resale company off ebay. Most states do not extend rescission laws to these types of sales but would apply to buying a "resale unit" from the developer.

 

[mathewsj26]

I am buying a resale from a time share broker who is representing an individual.

 

[tschwa2]

Have you already signed a contract and bought and now are having cold feet about the deal?

 

[mathewsj26]

Have signed a contract. Some cold feet.. More concerned if the info given was correct. If not, then what other false statements were given. It just does not sound right. Maybe it is, but I could find nothing in the South Carolina statues about "resales".

 

[Talent312]

I suggest that, if you really want out of the deal that you consult a SC attorney who specializes in real property law to ask. We here are merely armchair quarterbacks. The SC Bar may have a referral service for attorneys with no or low initial consult fees.

Next time, demand an estoppel up front, or put in the contract that it's subject to an estoppel issued by the TS manager which shows title and no delinquencies in the name of the seller.

.

 

[Passepartout]

You should require an estoppel letter. That would basically outline exactly what is- or is not included in the interval ownership. It would come from the resort and without input from the salesweasel.

The state code that covers timeshare sales is in my post upthread. If you are trying to rescind, it is not up to the salesweasel to approve or deny. S/he has no say in the matter. If you write the letter as outlined above, quoting the code it's out of their hands. It's the LAW.

 

[tschwa2]

False, were his lips moving? I can't find anything in the law excluding resale from recission.

http://www.scstatehouse.gov/code/t27c032.php


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Would this exclude a private resale from the normal rules including rescission?




(6) "Seller" means a person who creates a vacation time sharing plan or is in the business of selling interests in a vacation time share plan, or employs agents to do the same, or a person who succeeds to the interest of a seller by sale, lease, assignment, mortgage, or other transfer; except that, the term includes only a person who offers interests in vacation time sharing plans in the State of South Carolina in the ordinary course of business. The term "seller" does not include the following:

(a) an owner of a time sharing interest who has acquired the time sharing interest for his own use and occupancy and who later offers it for resale on his own behalf or through a real estate broker;

(b) a managing entity or owners' association of a time sharing plan, not otherwise a seller, that offers on the association's behalf time sharing interests in the time sharing plan transferred to the association through foreclosure, deed in lieu of foreclosure, or gratuitous transfer; or

(c) a person who owns or is conveyed, assigned, or transferred time sharing interests, and who subsequently conveys, assigns, or transfers all acquired time sharing interests to a single purchaser in a single transaction, which transaction may occur in stages.

 

[Passepartout]

The term "seller" does not include the following:

(a) an owner of a time sharing interest who has acquired the time sharing interest for his own use and occupancy and who later offers it for resale on his own behalf or through a real estate broker;

This is troublesome. It looks like rescission of a resale might be difficult at best. Boo.