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Recension process

DaddyM4X

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We "upgraded" our timeshare from 1 to 2 weeks at 2 different timeshare locations/weeks and will be issuing a letter of recension within the deadline per Texas law Sec. 221.041. However my question for anyone knowledgeable is regarding the equity that was used from our original week as the down payment for the purchase of our new different unit/shares. Will the recension letter then relieve us from our original deed and then ask for the equity refunded or does it put us back to our original contract and share. Technically it was sold, but not sure how all that works.
 

theo

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We "upgraded" our timeshare from 1 to 2 weeks at 2 different timeshare locations/weeks and will be issuing a letter of recension within the deadline per Texas law Sec. 221.041. However my question for anyone knowledgeable is regarding the equity that was used from our original week as the down payment for the purchase of our new different unit/shares. Will the recension letter then relieve us from our original deed and then ask for the equity refunded or does it put us back to our original contract and share. Technically it was sold, but not sure how all that works.

1. The cancellation word is actually rescission, not recension, although that's a minor point.

2. If you rescind your "upgrade" purchase, you will simply revert right back to the precise status of your ownership and account prior to your upgrade, just as if the upgrade purchase never even occurred at all. No more, no less, no refunds.
 
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