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Florida Addendum to Resale Agreement Questions

lizfox

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I have a few of questions about the Florida Addendum to Resale Agreement:

1- Is the Florida Addendum required for EVERY Florida timeshare sale (including a sale through an individual owner as well as a company)?

2- I understand that if both the buyer and the seller don't sign this agreement, the contract can be cancelled anytime within a year after the resale timeshare contract was signed. Does Florida charge a monetary penalty if the Florida Addendum to Resale Agreement is not included?

3- When did this law start? Is this part of the 1001 Bill that will start July 1, 2012 that I've been reading about on TUG, or has this been in place for a while now? It doesn't seem like a lot of companies are using The Florida Addendum as part of their contracts. Are other people finding this is the case?
 

lizfox

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Thanks for answering my one of my questions Ron. Does anyone here know the answers to my other questions?
 

BocaBum99

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I have a few of questions about the Florida Addendum to Resale Agreement:

1- Is the Florida Addendum required for EVERY Florida timeshare sale (including a sale through an individual owner as well as a company)?

2- I understand that if both the buyer and the seller don't sign this agreement, the contract can be cancelled anytime within a year after the resale timeshare contract was signed. Does Florida charge a monetary penalty if the Florida Addendum to Resale Agreement is not included?

3- When did this law start? Is this part of the 1001 Bill that will start July 1, 2012 that I've been reading about on TUG, or has this been in place for a while now? It doesn't seem like a lot of companies are using The Florida Addendum as part of their contracts. Are other people finding this is the case?

1) Yes. I think it also applies if the buyer or seller live in Florida. But, I don't recall the details of the statute.

2) No. The law simply gives the buyer legal recourse for cancelling agreement. Actually getting the money back is another story and requires civil action.

3) It's be part of the law since at least 2004 when I got started in Timesharing.
 
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