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Right of Rescission buying resale - private owner?

HGVCnewbie

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Hello everyone:

This may be a question that I already know the answer to, but thought I would ask anyway.

If I purchase a timeshare from a private owner (not a broker, company, etc) is there any "right of rescission" period?

My mind tells me "no" as I compare this to buying a car, etc from a private buyer - after signing a legal contract, it is an "as is" sale with no warranties or guarantees implied, including the right to have buyers remorse or to change your mind.

I think it is only timeshare companies (possibly due to the high pressure sales pitches) that are REQUIRED to give you a "cooling off" period??

Can anyone enlighten me on this based on facts that they know? :confused:

Thank you!
 
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AwayWeGo

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[triennial - points]
Always Let Your Conscience Be Your Guide.

This may be a question that I already know the answer to, but thought I would ask anyway.

If I purchase a timeshare from a private owner (not a broker, company, etc) is there any "right of rescission" period?

My mind tells me "no" as I compare this to buying a car, etc from a private buyer - after signing a legal contract, it is an "as is" sale with no warranties or guarantees implied, including the right to have buyers remorse or to change your mind.

I think it is only timeshare companies (possibly due to the high pressure sales pitches) that are REQUIRED to give you a "cooling off" period??

Can anyone enlighten me on this based on facts that they know?
Having 2nd thoughts about a timeshare swap I agreed to, & wondering whether the other party felt the same, I asked the other person if he wanted to go ahead (because the closing services agency had not received the necessary materials from him as of the time I started having 2nd thoughts).

He said he wants to go ahead, so we're going ahead -- i.e., I am paying no attention to my 2nd thoughts.

However, I did politely ask the other person to Paint Or Get Off The Ladder. That is, if he does not furnish the closing services agency with the necessary materials by the end of the month, then I no longer want to go ahead with the swap.

Time's a-wasting. I need to get going on my 2009 timeshare vacation plans.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

dioxide45

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I believe in Florida there is a recession periods regardless of resale or developer. I think with resale the period is shorter.
 

Talent312

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If I purchase a timeshare from a private owner (not a broker, company, etc) is there any "right of rescission" period?
....
I think it is only timeshare companies (possibly due to the high pressure sales pitches) that are REQUIRED to give you a "cooling off" period??
Can anyone enlighten me on this based on facts that they know?

I would have thought the same. In fact, I did, until I came across this Section of Florida Statutes:
Section 721.065 Resale purchase agreements.

Paragraph (1): An owner who acquires a timeshare interest for her or his own use and occupancy and later offers it for resale, or any agent of such person, must utilize a resale purchase agreement which complies with the provisions of subsection (2) to effectuate any resale of the timeshare interest...

Paragraph (2)(c): The following statement in conspicuous type located immediately prior to the space in the contract reserved for the signature of the purchaser:

You may cancel this contract without any penalty or obligation within 10 days after the date you sign this contract. If you decide to cancel this contract, you must notify the seller in writing of your intent to cancel. Your notice of cancellation shall be effective upon the date sent and shall be sent to the seller at (address) . Any attempt to obtain a waiver of your cancellation right is void and of no effect. While you may execute all closing documents in advance, the closing, as evidenced by delivery of the deed or other document, before expiration of your 10-day cancellation period, is prohibited.

Paragraph (3): If a resale purchase agreement utilized by a person described in subsection (1) does not comply with the provisions of subsection (2), the contract shall be voidable at the option of the purchaser for a period of 1 year after the date of closing.

[Surprise]
 

Art4th

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Time's a-wasting. I need to get going on my 2009 timeshare vacation plans.
-- Alan Cole, McLean (Fairfax County), Virginia, USA.​


2009??? You're a little behind aren't you??? :D
 

AwayWeGo

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[triennial - points]
2009 Is W-a-a-a-y Off.

2009??? You're a little behind aren't you?
If we plan more than 6 weeks into the future, by us that's advance planning.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

calgarygary

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I believe in Florida there is a recession periods regardless of resale or developer. I think with resale the period is shorter.

Most resale sellers (on eBay at least) are actually considered developers under Florida law and have a whole different set of standards to maintain.
 

HGVCnewbie

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How about anywhere OTHER than Florida?

Thank you for the replies everyone.

How about a "Right of Rescission" for a private resale (again no brokers, no company) anywhere OTHER than Florida?

If it is a private sale not in Florida is there a rescission period required on the contract?
 

Bill4728

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Thank you for the replies everyone.

How about a "Right of Rescission" for a private resale (again no brokers, no company) anywhere OTHER than Florida?

If it is a private sale not in Florida is there a rescission period required on the contract?
NO, there is no "Right of Rescission" for a private resale. (Other than Florida)

BUT on the other hand, let us say you are buying a TS from me. Unlike a developer sale, You have plenty of time to consider your purchase before you sign. Generally, You get documents faxed to you so you'll have plenty of time to look them over. And finally, if after you sign, you change your mind, Do I really want to take you to court to make you go thru with the purchase? IT IS TOO MUCH HASSLE!!

So almost all the reasons, they would pass a law giving right of rescission to a buyer just don't apply to a resale buyer.
 
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AwayWeGo

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[triennial - points]
Swap's Off.

Having 2nd thoughts about a timeshare swap I agreed to, & wondering whether the other party felt the same, I asked the other person if he wanted to go ahead (because the closing services agency had not received the necessary materials from him as of the time I started having 2nd thoughts).

He said he wants to go ahead, so we're going ahead -- i.e., I am paying no attention to my 2nd thoughts.

However, I did politely ask the other person to Paint Or Get Off The Ladder. That is, if he does not furnish the closing services agency with the necessary materials by the end of the month, then I no longer want to go ahead with the swap.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
Swap is not happening.

Due to a series of unfortunate events (funerals, car accidents, & I don't know what-all), the other party to the proposed swap did not get the documents into the hands of the closing services agency on schedule or even a couple of weeks after that, so I notified the closing services agency & the other would-be swapper ( -- swappee ? -- ) that I no longer want to go ahead with the deal.

Case is closed.

Second thoughts notwithstanding, I would have gone through with the timeshare swap anyway if we hadn't gone approximately 2 weeks past deadline & still no documents.

So it goes.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
 

bizaro86

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That seems like a generous but reasonable resolution. Two weeks beyond the deadline should be enough time to get things in order, but hopefully isn't so long that it wrecks your future vacation plans.

Michael
 

AwayWeGo

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[triennial - points]
Renta-Renta-Renta.

That seems like a generous but reasonable resolution. Two weeks beyond the deadline should be enough time to get things in order, but hopefully isn't so long that it wrecks your future vacation plans.
What's odd is that the 2008 week at the timeshare I was going to swap was rented out -- & the renters had such a nice time that they sent thank-you notes by E-Mail & snail mail, plus a 4th Of July greeting & another message later reminding me in each that they want to rent our 2009 week at the resort.

Because of the pending swap, I kept putting off the renters till I knew which timeshare I'd own in 2009, although I was willing to rent out either timeshare (what I already had or what I would have gained in the swap).

When the dust settled after after I bailed on the swap, I E-Mailed the renters, saying that the period of uncertainty had ended & they have 1st dibs on my old timeshare for 2009 if they still want it for next year's vacation.

They said they still want it & offered to pay for it right now. I thanked them for that, but said they can pay closer to the time they'll be checking in.

All's well that ends well, I suppose -- except for those funerals & car crashes, etc., that complicated the life of my would-be timeshare swapper ( -- swappee ? -- ).

If I keep renting out my timeshare (the 1 involved in the thwarted swap), I doubt I'll get to check in for a vacation there myself unless I snag a reservation via Last Call or Instant Exchange -- not that I'm complaining about that. It's just 1 more way of enjoying luxury timeshare vacations for Motel 6 & Super 8 rates.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 
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