Need to rescind Holiday Inn Vacation Club contract - help

[Leolo007]

Hello, first of all thank you for a great site! I plan on being a frequent visiting member.

I bought a timeshare this past Saturday and like many other I want to cancel and buy on resale.

So I believe I found the instructions but they are not quite clear to me.

"CANCELLATION - 100% of all funds and other property received from purchaser prior to closing shall be held in escrow pursuant to the requirements of section 721.08, Florida Statutes, unless an approved alternate insurances agreement is used. The name and address of the escrow agent is XXXXX & XXXXX whose address is XXXX North XXXX Avenue Suite XXXX Orlando Florida 32801. Purchaser, upon request, is entitled to a receipt for any sums paid pursuant to this Purchase Agreement. In the event Purchaser cancel this Agreement during the ten day cancellation period Developer will refund the purchase or the total amount of all payments made by Purchaser under the Purchase Agreement, reduced by an amount not to exceed $450 for the proportion of any rental values, discounts or other benefits purchaser has actually received under the Purchase Agreement, if any, prior to the effective date of cancellation. Purchaser hereby understands and agrees that all sales and promotional material provided to the Purchaser, except for the public offering statement and documents required to be provided to Purchaser pursuant to law, shall be considered to be a benefit received by the Purchaser valued at $50. The refund required to be made to purchaser shall be made within 20 days after receipt of notice of cancellation or within 5 days after receipt of funds from purchaser's cleared check, whichever is later. Any interest generated by the funds deposited in the escrow account shall be paid to developer."

So, I read a template for cancellation letter on this site. Do I just send a letter to the agent and address on this paragraph?

I feel like instructions are not clear specially considering what I've read on this site that instructions need to be followed precisely.

Is that it or should I be looking for more specific instructions elsewhere?

Thanks!
Leo

 

[Passepartout]

Don't over think this. Just send a simple letter stating contract number, that you wish to exercise your right of rescission, date it, all parties who signed the contract must sign t h e rescission letter. Use the address shown in the contract. We suggest saying that all promotional materials to be returned (cheapest means to the resort and keep the postal receipt)..

They will have up to 45 days to refund your down payments. They may call to sweeten the deal and save the sale. Don't talk to them. Nothing is to be gained by doing so.

Glad you found us in time. How much are you saving?

Welcome to TUG

Jim

 

[DeniseM]

That's correct, you send a letter, and a copy of the main page of the contract, using a trackable method, so you can prove that you sent it within the recession period.

BUT - Don't call - you cannot rescind by calling. A call has no legal standing - it does not have any impact on rescinding, so even if you do call, what they tell you in response makes no difference.

If you call, they will put a lot of pressure on you and try to talk you out of rescinding, and may even tell you that you can't rescind or other things that will simply confuse the situation.

 

[Leolo007]

Thanks Jim, I was paying close to $12k for a studio wk 13 and 82,000 points. What made me actually look to see if I had made a good purchase was the high yearly fees. Over $900 when all was said and done.

So do I send the letter to the escrow agent address above? This address is different from the seller/developer address.

 

[Leolo007]

Thanks Denise, that answers my question.

 

[DeniseM]

So do I send the letter to the escrow agent address above? This address is different from the seller/developer address.

You should follow the rescinding instructions exactly.

 

[Leolo007]

I'm very technical when it comes to following instructions, and since it doesn't say these are the "rescind instructions" it's hard for me to assimilate

So send letter to escrow agent to the address in the cancellation paragraph, include copy of first page of contract and don't answer the phone to unknown numbers for the next few weeks

 

[DeniseM]

I'm very technical when it comes to following instructions, and since it doesn't say these are the "rescind instructions" it's hard for me to assimilate

So send letter to escrow agent to the address in the cancellation paragraph, include copy of first page of contract and don't answer the phone to unknown numbers for the next few weeks

If it makes you feel more comfortable, it certainly wouldn't hurt to send it to both addresses.

 

[wackymother]

Don't forget to get the return receipt. The green postcard that shows it was delivered.

 

[TUGBrian]

grats on finding us in time to rescind and save a fortune!

 

[DeniseM]

Don't forget to get the return receipt. The green postcard that shows it was delivered.

Actually - you don't need proof of delivery - you need proof of mailing - that documents that it was mailed within the rescission period. (Although, it's comforting to know it was delivered.)

 

[wackymother]

Actually - you don't need proof of delivery - you need proof of mailing - that documents that it was mailed within the rescission period. (Although, it's comforting to know it was delivered.)

Whoops, sorry, you're completely right.

 

[MagicMedic]

Owning a week at HIVC is not the same as HICV club membership

I am an owner at Holiday Inn Club and have three different resort properties. There is something very important you should know about buying resale in a Holiday Inn resort. Buying resale, you will not be allowed to join the HICV club and convert your week into points to use at other HICV resorts unless you also buy a HICV property retail from the resort. Being a member of the club and converting your weeks to points gives much greater value and flexibility. If you buy resale and do not intend to join the club you will only be able to use the specific week you buy (although you can trade with RCI). If you want the benefits of joining the club you are best off purchasing a resale unit in a high-value week and then purchasing the smallest, cheapest HICV unit from the resort you can. They will currently let you convert up to two previously owned properties to points as long as you make a purchase at HICV. I HAVE DONE EXTENSIVE RESEARCH on this and would be happy to share my observations with you if you ar still interested in owning at HICV. I am convinced that HICV is aggressively building their portfolio and now is a great time to join.

 

[taterhed]

Thanks Jim, I was paying close to $12k for a studio wk 13 and 82,000 points. What made me actually look to see if I had made a good purchase was the high yearly fees. Over $900 when all was said and done.

So do I send the letter to the escrow agent address above? This address is different from the seller/developer address.

Hopefully, I will type this better than yesterday.... ()

I STRONGLY suggest you send the rescission letter to the address on the contract (and/or escrow agent) via USPS Certified Mail with receipt. There can be issues with using other carriers and with the format of the address provided (po box etc...) The promotional materials (binders etc...) can be returned via any reasonable mailing method.

Make copies and keep all receipts. Congrats!

 

[Barblich]

HIVC and points

Just to clarify, the points situation is almost correct. There are three HIVC properties where the points do transfer with resale purchase as long as there are points already associated with the week/unit: Lake Geneva, Smokey Mountain and South Beach. I purposely bought a Lake Geneva property because of this distinction. Of course when I told this to the salesman he flatly denied it, but It turned out to be correct. Also, it seems that when HIVC buys an older resort and refurbishes it for their club, current owners are offered points and access to the club for $104. This happened at Desert Club in Vegas and their Williamsburg property. Although I'm not sure if that was the case with their newest property at Cape Canerval and would welcome any news of that property conversation as well as the newest one in Scottsdale. Of course anyone buying into those properties now would have to pay several thousand $ for points and club access. You would always have access to the week/unit that you own or can deposit it into RCI for more options. If buying a resale HIVC property always get it confirmed in writing that the points will transfer. I have seen several postings on Ebay claiming points when I knew it was incorrect and wrote the seller to correct.

 

[eclair5]

Thank you TUG

I'm here to add myself to the numerous people saved by this website. I went to the OLCC and sat through four hours of their sales pitch when it was supposed to be about 75 minutes. I now realize how easy it is to talk me into anything... even a purchase of several thousand dollars.

I signed on January 11th and immediately had second thoughts. I searched online that night and had my rescission letter sent certified mail with return receipt on January 13th along with the owner's kit sent media mail. Thank you so much! I'm still interested in timeshares but I'm going to educate myself for a loooong time here first. You can add $11,731 (really $21,034 with the financing) to the total amounts recovered along with $771 MF and $126 taxes.

I don't know what I would've done without all the advice on here. Again, thank you! Now I'm just waiting for the charge to be reversed on my credit card.

 

[TUGBrian]

that is fantastic! so glad you found us in time!

 

[LannyPC]

I went to the OLCC and sat through four hours of their sales pitch when it was supposed to be about 75 minutes. I now realize how easy it is to talk me into anything...

Don't beat yourself up over this. This has happened to many here on TUG. I wouldn't say that it is "easy" to talk you into anything. They needed four hours of browbeating, number skewing, interrogating, and probably outright lying. After being subjected to four hours of that, people will do almost anything to get out - including signing a multi-thousand dollar contract.

But, now that you can think with a clear head, I'm also glad you found TUG before your rescission date is up. And, like we warn other people who are in the rescission process, do not take any phone calls from Florida or unrecognizable phone numbers. It could very well be the sales people trying to convince you to reverse your decision to rescind. They might try to sweeten the deal or threaten you with legal action or fines. Just follow the rescission instructions carefully and wait. Your refund could take up to 45 days but hang in there.

And as for research before buying, also check out the option of renting from current owners. There are countless ads (I'm assuming you went to OLCC in Kissimmee, FL) for rentals in the Orlando area. If you're not dead set on lodging at OLCC, there are other resorts for rent with many owners offering their interval for rent for less than the maintenance fees.

 

[eclair5]

I'll definitely be avoiding all Florida calls. Yeah I was at the OLCC in Kissimmee. And thanks for the tip. I'll first check out the rentals next time I'm coming to the area.

 

[dotnetnerd]

If anyone calls from an unknown number, forward it to Lenny :hysterical:

 

[danny.tracy.37]

[Inappropriate response deleted.]

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[lllGurulll]

So basically, as long as I get this postmarked by midnight of the 5th day (according to my contract) they should honor the cancellation?

We purchased Saturday 10/15 so we should have until midnight Wednesday 10/19 correct? I'm assuming that 10/15 actually counts as one day so we don't have until the 20th.

 

[TUGBrian]

what state did you buy in? the state the contract was signed in determines how long you have.

either way, mail off your letter today, then sit back and enjoy the feeling of saving 10,000 bucks or more!

 

[lllGurulll]

what state did you buy in? the state the contract was signed in determines how long you have.

either way, mail off your letter today, then sit back and enjoy the feeling of saving 10,000 bucks or more!

Las Vegas is where we purchased.

 

[theo]

voluntarily deleted --- inadvertently responded to an old past from months ago.