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Wesley Financial

LadyBee43

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I logged in to ARDA and following their suggestions went to to the Wyndham web page where it allows you to send an email describing why you want to basically get out of your timeshare and gives several options, one of which is "financial hardship". I chose that one as we are retired and on Social security and also raising two great grandsons. I included that information in the email and sent it. The letter says that they will respond within 48 hours.

I also went to the Florida State laws regarding timeshares and really didn't find much that would help an owner get out of the purchase except one clause which gives the purchaser the right to rescind within 10 days of "receipt of the FINAL PAPERS COMPLETING THE PURCHASE" - not 10 days of signing the papers. We didn't actually receive the title until Feb. 26 or 27th, 2015! If I am interpreting that correctly, we could have backed out FIVE(5) MONTHS AFTER we signed on the dotted line on Sep. 20, 2014!! Since we were not told this by the representative that sold the timeshare to us, I am wondering it THIS could be classified as MISREPRESENTATIONS and therefore qualify as a way out?? I am going to copy and paste that portion of the FL law that pertains to this below. It pertains to Wyndham because they operate out of FL even though the property is in MA.

Select Year:
The 2018 Florida Statutes


"3. You may cancel this contract without any penalty or obligation within 10 calendar days after the date you sign this contract or the date on which you receive the last of all documents required to be given to you pursuant to section 721.07(6), Florida Statutes, whichever is later. 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 (Name of Seller) at (Address of Seller) . 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."

(i) A statement that, in the event the purchaser cancels the contract during a 10-day cancellation period, the developer will refund to the purchaser the total amount of all payments made by the purchaser under the contract, reduced by the proportion of any contract benefits the purchaser has actually received under the contract prior to the effective date of the cancellation. The statement shall further provide that the refund will be made within 20 days after receipt of notice of cancellation or within 5 days after receipt of funds from the purchaser’s cleared check, whichever is later. A seller and a purchaser shall agree in writing on a specific value for each contract benefit received by the purchaser for purposes of this paragraph. The term “contract benefit” shall not include purchaser public offering statements or other documentation or materials that must be furnished to a purchaser pursuant to statute or rule.
 
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Braindead

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I logged in to ARDA and following their suggestions went to to the Wyndham web page where it allows you to send an email describing why you want to basically get out of your timeshare and gives several options, one of which is "financial hardship". I chose that one as we are retired and on Social security and also raising two great grandsons. I included that information in the email and sent it. The letter says that they will respond within 48 hours.

I also went to the Florida State laws regarding timeshares and really didn't find much that would help an owner get out of the purchase except one clause which gives the purchaser the right to rescind within 10 days of "receipt of the FINAL PAPERS COMPLETING THE PURCHASE" - not 10 days of signing the papers. We didn't actually receive the title until Feb. 26 or 27th, 2015! If I am interpreting that correctly, we could have backed out FIVE(5) MONTHS AFTER we signed on the dotted line on Sep. 20, 2014!! Since we were not told this by the representative that sold the timeshare to us, I am wondering it THIS could be classified as MISREPRESENTATIONS and therefore qualify as a way out?? I am going to copy and paste that portion of the FL law that pertains to this below. It pertains to Wyndham because they operate out of FL even though the property is in MA.

Select Year:
The 2018 Florida Statutes


"3. You may cancel this contract without any penalty or obligation within 10 calendar days after the date you sign this contract or the date on which you receive the last of all documents required to be given to you pursuant to section 721.07(6), Florida Statutes, whichever is later. 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 (Name of Seller) at (Address of Seller) . 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."

(i) A statement that, in the event the purchaser cancels the contract during a 10-day cancellation period, the developer will refund to the purchaser the total amount of all payments made by the purchaser under the contract, reduced by the proportion of any contract benefits the purchaser has actually received under the contract prior to the effective date of the cancellation. The statement shall further provide that the refund will be made within 20 days after receipt of notice of cancellation or within 5 days after receipt of funds from the purchaser’s cleared check, whichever is later. A seller and a purchaser shall agree in writing on a specific value for each contract benefit received by the purchaser for purposes of this paragraph. The term “contract benefit” shall not include purchaser public offering statements or other documentation or materials that must be furnished to a purchaser pursuant to statute or rule.
Florida law means nothing if you made your purchase in MA. The only law that matters is the State Law in the state where you were at when you made the purchase.
Florida might be 10 day recession period but if MA is 5 you only had 5 days to rescind not 10
 

ecwinch

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And the section you are citing: "receipt of the FINAL PAPERS COMPLETING THE PURCHASE" means all the required documentation (as noted in the part you bolded) - i.e. typically the public offering statement. It is not to say that you have until you receive the recorded the deed or your membership account is created.

And as BD points out, your purchased is subject to the laws of where you signed the contract... not where the developer is HQ'd.
 
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