# Help Rescinding



## welch0203 (Jul 8, 2012)

My husband and I just bought a timeshare at Fantasea Resorts in Atlantic City. Awe purchased on July 5th. It sways we have 7 days to cancel the purcharse agreement and 7 days to rescind the deed. Do I need to send a letter in for both of these things?  Also I am very worried that they wont accept my letter or I will mess it up. Any advice?


----------



## glypnirsgirl (Jul 8, 2012)

Read the paperwork to send to correct address and mail by certified mail, return receipt requested. When mailing something this important, I go to the post office window and ask them to file mark the receipt part of the letter and I tape the file marked receipt to my copy of the letter.

I have rescinded twice now. And neither time did I have an issue.

Good luck!

elaine


----------



## Passepartout (Jul 8, 2012)

I'd send 2 letters. After all you are saving thousand$. They needn't be fancy, "I (We) are exercising our right to rescind contract #XXXX-XXX as of (date)

signed_______________

         _______________

Send them to the address listed in your contract. You'll be good to go.
Don't answer the phone from them until you get confirmation of the rescission.

Welcome to TUG.

Jim Ricks


----------



## welch0203 (Jul 8, 2012)

*Questions*

Do I need to rescind the deed and cancel the purchase agreement or by canceling the contract do I cancel all of that?


----------



## welch0203 (Jul 8, 2012)

Passepartout said:


> I'd send 2 letters. After all you are saving thousand$. They needn't be fancy, "I (We) are exercising our right to rescind contract #XXXX-XXX as of (date)
> 
> signed_______________
> 
> ...



2 Letters to the same address to make sure they get it?!  I'm feel very dumb for getting "pressured" into buying that day.  It is very unlike me and now I'm just very worried about messing it up and being "stuck" with the purchase.  We signed multiple pages and I worry that I need to specifically state I want to cancel each piece or if I just say the contract it would cover everything.

Am i overthinking everything?


----------



## welch0203 (Jul 8, 2012)

*My Letter*

Monday, July 9, 2012
Flagship Resort Development Corporation
60 North Maine Avenue
Atlantic City, NJ 08401

Subject:  Cancellation of Purchase and Sale Agreement
Rescind Deed in Lieu of Foreclosure
Rescind Limited Power of Attorney
Cancel Escrow Agreement
Cancel Mortgage Note Biennial
Cancel Interval Deed
Cancel Mortgage

To Whom It May Concern:

We, ______________________, would like to exercise our legal right to cancel the contract number ###### and all related documents to purchase a timeshare at FantaSea Resorts with Flagship Resort Development Corporation.  We expect a full refund of all the monies paid by us in connection with that purchase in the amount of $$$$$$.  If you have any questions, please contact us at XXX-XXX-XXXX.  I am also including a copy of the contract that we want to cancel.
Sincerely,


----------



## Passepartout (Jul 8, 2012)

I'm sure that's going to work just fine. I wouldn't put my phone number on it, as I wouldn't want to hear from any of their 'top guns' trying to save the sale or delay you until after the rescission date- but that's me. They have your number if they want it.

Now, when you get that behind you and take a deep breath, if you still want to explore timeshare ownership, c'mon back and study a little on what is available. They sell today for mere pennies on the developer dollar, and can often be rented for less than the underlying maintenance fee. eBay is a good place to look, as is the TUG Marketplace up in the red stripe above here.

Good luck and Welcome to Tug.

Jim


----------



## Rob&Carol Q (Jul 9, 2012)

as you figured out...rescinding that deal was a super idea!

Humor yourself now...go to ebay and run a simple search on the very resort you made your purchase.  Yes, they are going *that* cheaply...

Seriously, wander these boards until you get a better feeling for what you are contemplating.  Consider renting at a resort you may one day wish to own.  No rush, the prices aren't going to climb anywhere anytime soon.


----------

