The easiest way to get out of a timeshare is a legal cancellation within the cooling off period applicable for the state in which the purchase is made.
Click the applicable state below to see how you can cancel your own contract.
If you are already outside of these legal cancellation periods, contact Centerstone Group for your other option.
A contract can be canceled within 15 days of receiving the public offering statement. However, if you get the public offering statement more than 15 days before signing a contract, you cannot cancel the purchase. (Alaska Stat. § 34.08.580(a).)
To cancel your timeshare purchase, you must:
The seller cannot charge you a cancellation penalty and must refund your payments promptly. (Alaska Stat. § 34.08.580(b).)
Notwithstanding any other statements in Purchase Agreement, Purchaser(s) has the legal right to rescind the Agreement without penalty or obligation, or cause of any kind, by midnight on the tenth (10th) calendar day, or any longer period of time allowed in this agreement, following the day the Purchaser(s) executed the Purchase Agreement, by sending or delivering a written notice of rescission to the Seller: (notice delivery address of the Seller). Notice of written rescission is effective on the date the cancellation is sent. Purchaser(s) may execute all documents in advance.
https://azre.gov/sites/default/files/Dev/Forms/FormT-Timeshare_Disclosure_Report_Template.pdf
18-14-409. Mutual rights of cancellation.
(a)
(1) Before transfer of a time-share interest and no later than the date of the sales contract, the developer shall provide the intended purchaser with a copy of the public offering statement and any amendments and supplements to the statement.
(2) The contract is voidable by the purchaser until he or she has received the public offering statement.
(3) The contract is voidable by the purchaser for five (5) days after execution of the contract of sale.
(4) Cancellation is without penalty, and all payments made by the purchaser before cancellation shall be refunded within a reasonable time after receipt of the notice of cancellation under subsection (c) of this section.
(b) Up to five (5) days after execution of the contract of sale, the developer may cancel the contract of purchase without penalty to either party and shall return all payments made within a reasonable time.
(c) If either party elects to cancel a contract under subsection (a) or subsection (b) of this section, he or she may do so by hand-delivering the notice to the other party or by mailing the notice by regular mail to the other party or to his or her agent for service of process, which notice is considered given when deposited in the mail.
RESCISSION RIGHTS
In accordance with the provisions of Section 11238 of the Business and Professions Code, a purchaser of a time-share interest, incidental benefit or any right under an exchange program has the right to cancel the purchase contract if person who has made an offer to purchase a time-share interest shall have the right to rescind any contract resulting from the acceptance of the offer within seven calendar days after the receipt of the public report or the execution of the purchase contract, whichever is later.
Rescission Rights Notice
To inform a person of his or her right to cancellation, the developer shall attach to the face page of every copy of a Subdivision Public Report given to a prospective purchaser the notice as set forth in Code
Section 11239. In addition, a “special note” describing these rescission rights is to be shown on every Public Report where the subdivision is a time-share plan. See form RE 615 for the language which is to
constitute the “special note.” The contract for the purchase of a time-share interest must also include immediately prior to the space
reserved for the purchaser’s signature, a disclosure, in conspicuous type, a notice of cancellation as prescribed in Code Section 11238(d)(7).
https://www.dre.ca.gov/files/pdf/timeshare_manual.pdf
Statute 6-1-703: Time shares and resale time shares – deceptive trade practices (1) A person engages in a deceptive trade practice when, in the course of the person’s business, vocation, or occupation, the person engages in one or more of the following activities in connection with the advertisement or sale of a time share or the provision of a time share resale service: a. Misrepresents: (I) The investment, resale, or rental value of any time share; (II) The conditions under which a purchaser may exchange the right to use accommodations or facilities in one location for the right to use accommodations or facilities in another location; or (III) The period of time during which the accommodations or facilities contracted for will be available to the purchaser;b. Fails to allow any purchaser a right to rescind the sale of a time share or a time share resale service within five calendar days after the sale; c. (I)Fails to provide conspicuous notice on the contract of the right of a purchaser of a time share or time share resale service to rescind the sale in writing either by electronic means, mail, or hand delivery. (II) For purposes of this section, notice of rescission is given: (A) If by mail, when postmarked; (B) If by electronic mail or other electronic means, when sent; or (C) If by hand delivery, when delivered to the seller’s place of business. (d) Fails to refund any down payment or deposit made pursuant to a time share contract or contract for time share resale service within seven days after the seller or time share resale entity receives the purchaser’s written notice of rescission; except that, if the purchaser’s check has not cleared at the time notice of rescission is received, the person has seven additional days after receipt of funds from the purchaser’s cleared check to refund the down payment or deposit
https://leg.colorado.gov/sites/default/files/images/olls/crs2017-title-06.pdf
721.10 Cancellation.—
(1) A purchaser has the right to cancel the contract until midnight of the 10th calendar day following whichever of the following days occurs later:
(a) The execution date; or
(b) The day on which the purchaser received the last of all documents required to be provided to him or her, including the notice required by s. 721.07(2)(d)2., if applicable.
This right of cancellation may not be waived by any purchaser or by any other person on behalf of the purchaser. Furthermore, no closing may occur until the cancellation period of the timeshare purchaser has expired. Any attempt to obtain a waiver of the cancellation right of the timeshare purchaser, or to hold a closing prior to the expiration of the cancellation period, is unlawful and such closing is voidable at the option of the purchaser for a period of 1 year after the expiration of the cancellation period. However, nothing in this section precludes the execution of documents in advance of closing for delivery after expiration of the cancellation period.
(2) Any notice of cancellation shall be considered given on the date postmarked if mailed, or when transmitted from the place of origin if telegraphed, so long as the notice is actually received by the developer or escrow agent. If given by means of a writing transmitted other than by mail or telegraph, the notice of cancellation shall be considered given at the time of delivery at the place of business of the developer.
(3) In the event of a timely preclosing cancellation, the developer shall honor the right of any purchaser to cancel the contract which granted the timeshare purchaser rights in and to the plan. Upon such cancellation, the developer shall 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, as required by s. 721.06. Such refund shall be made within 20 days of demand therefor by the purchaser or within 5 days after receipt of funds from the purchaser’s cleared check, whichever is later.
http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0721/0721.html
514E-8: Mutual right to cancel
Within seven calendar days after the execution of the contract to purchase an interest in a time share plan, or within seven calendar days after the purchaser’s receipt of a disclosure statement required by this chapter, whichever occurs later, either party may cancel the contract without penalty by mailing or delivering a notice of cancellation to the other party at an address specified on the contract. The notice of cancellation shall be effective upon mailing or delivery to the other party at the address specified on the contract.
Section 10:10: Cancellation of purchase contract
Any purchase contract entered into by a purchaser of a time share interest under this Act shall be voidable by the purchaser, without penalty, within 5 calendar days after the receipt of the public offering statement or the execution of the purchase contract, whichever is later. The purchase contractshall provide notice of the 5-day cancellation period, together with the name and mailing address to which any notice of cancellation shall be delivered. Notice of cancellation shall be deemed timely if the notice is deposited with the United States Postal Service not later than midnight of the fifth calendar day. Upon such cancellation, the developer or resale agent shall refund to the purchaser all payments made by the purchaser, less the amount of any benefits actually received pursuant to the purchase contract. The refund shall be made within 20 calendar days after the receipt of the notice of cancellation, or receipt of funds from the purchaser’s cleared check, whichever occurs later. If a purchaser elects to cancel a purchase contract pursuant to this Section, the purchaser may do so by hand delivering a written notice of cancellation or by mailing a notice of cancellation by certified mail, return receipt requested, to the developer or resale ent, as applicable, at an address set forth in the purchase contract.
https://www.ilga.gov/legislation/publicacts/pubact91/acts/91-0585.html
RS 9:1131.10.1: Contracts for purchase of timeshare interests
No developer of a timeshare interest shall fail to utilize and furnish each purchaser a fully completed copy of a purchase contract pertaining to the sale, which contract shall include the following information:
(1) The actual date the purchase contract is executed by each party.
(2) The names and addresses of the developer, any owner of the underlying real estate, and the timeshare plan.
(3) The total financial obligation of the purchaser, including the initial purchase price and any additional charges to which the purchaser may be subject, including but not limited to financing, reservation, maintenance, management, and recreation charges.
(4) The estimated date of completion of construction of each accommodation in which the timeshare interest is being purchased that is not completed at the time the purchase contract, unless that information is contained in a public offering statement that incorporates the contract by reference, is executed by the developer and purchaser.
(5) A description of the nature and duration of the timeshare interest being sold, including whether any interest in real property is being conveyed and the specific number of years constituting the term of the timeshare plan.
(6) Immediately prior to the space reserved in the purchase contract for the signature of the purchaser, in conspicuous type, substantially the following statements:
YOU MAY CANCEL THIS PURCHASE CONTRACT WITHOUT ANY PENALTY OR OBLIGATION WITHIN SEVEN DAYS FROM THE DATE YOU SIGN THIS PURCHASE CONTRACT, AND UNTIL SEVEN DAYS AFTER YOU RECEIVE THE PUBLIC OFFERING STATEMENT, WHICHEVER IS LATER. IF YOU DECIDE TO CANCEL THIS PURCHASE CONTRACT, YOU MUST NOTIFY THE DEVELOPER 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 DEVELOPER)… AT …(ADDRESS OF DEVELOPER)… ANY ATTEMPT TO OBTAIN A WAIVER OF YOUR CANCELLATION RIGHT IS UNLAWFUL.
(7) A statement that, in the event the purchaser cancels the purchase contract during a seven-day cancellation period, the developer will refund to the purchaser the total amount of all payments made by the purchaser under the purchase contract, reduced by the proportion of any contract benefits the purchaser has actually received under the purchase contract prior to the effective date of cancellation. The statement shall further provide that the refund will be made within thirty days after receipt of notice of cancellation or within five days after receipt of funds from the purchaser’s cleared check, whichever is later.
(8) Unless the developer is, at the time of offering the interest, the owner of the timeshare property free and clear of all liens and encumbrances, a statement that the developer is not the sole owner of the timeshare property and facilities without liens or encumbrances, which statement shall include:
(a) The names and addresses of all persons or entities having an ownership interest or other interest in the timeshare property; and
(b) The actual interest of the developer in the timeshare property.
(9) If the contract is for the sale or transfer of a timeshare interest in which the timeshare property is subject to a lease, the following statement within the text in conspicuous type: THIS TIMESHARE INTEREST IS SUBJECT TO A LEASE (OR SUBLEASE). A copy of the executed lease shall be attached as an exhibit.
(a) In general.- A time-share purchaser shall have the right to cancel the sales contract until midnight of the tenth calendar day following whichever occurs latest:
(1) The contract date;
(2) The day on which the time-share purchaser received the last of all documents required to be provided as part of the public offering statement; or
(3) The time-share unit meets all building requirements and is ready for occupancy. However, if the developer obtains a payment and performance bond from a surety to insure completion of the project as represented in the public offering statement and contract of sale, and files the bond with the Commission, this item does not apply.
(b) Right cannot be waived.- The right of cancellation cannot be waived by the purchaser or by any other person. No closing shall occur until the purchaser’s cancellation period has expired. Any false representation made by or on behalf of a developer that a purchaser may not exercise the right of cancellation, or any attempt to obtain a waiver of the purchaser’s cancellation rights, or a closing prior to the expiration of the cancellation period, shall be unlawful and such closing shall be voidable at the option of the purchaser for a period of 1 year after the expiration of the cancellation period. Nothing in this section shall preclude the execution of documents in advance of closing for delivery after expiration of the cancellation period.
(c) When notice considered given.- Any notice of cancellation given by mail or telegraphic communication shall be considered given on the date postmarked, if mailed, or when transmitted from the place of origin, if telegraphed, so long as the notice is actually received by the developer. If notice is given by means of a writing transmitted other than by mail or telegraph, it shall be considered given at the time of receipt at the principal place of business of the developer.
(d) Rights upon cancellation.- In the event of a timely cancellation, or in the event the time-share plan is one in which time-share licenses are sold and at any time the time-share project is no longer available to such licensees, the developer shall honor the rights of any purchaser to cancel the sales contract. Upon such cancellation, the developer shall refund to the purchaser all payments made which exceed the proportionate amount of benefits made available under the plan, using the number of years of the proposed plan as the base. Such refund shall be made within 20 business days of demand or within 5 days after receipt of funds from the purchaser’s cleared check, whichever is later.
[1984, ch. 579; 1987, chs. 379, 569.]
https://law.justia.com/codes/maryland/2010/real-property/title-11a/114/
Title 33, Chapter 10-A, Section 592: Requirements of Time shares
https://legislature.maine.gov/statutes/33/title33sec592.html
You may cancel a timeshare contract within three business days after you get the public offering statement unless you receive the public offering statement more than three days before the date you sign the contract. If you get the public offering statement more than three business days before signing a contract, you cannot cancel the contract for failure timely to receive the public offering statement. (Mass. Gen. Laws ch. 183B, § 38.)
To cancel the contract, you must:
Other Protections for Timeshare Purchasers in Massachusetts
Massachusetts law permits a court to refuse to enforce the timeshare contract if it finds the agreement to be unconscionable. Also, a developer that offers an exchange program among timeshare owners must give certain disclosures to program participants.
Unconscionable Timeshare Contracts in Massachusetts
Even if the cancellation period has expired, you might be able to void a timeshare contract, or part of it, if the contract or a clause in the agreement is unreasonable. Massachusetts law states that if a court finds that the timeshare contract (or a clause in the agreement) was unconscionable at the time the contract was made, the court may:
https://malegislature.gov/Laws/GeneralLaws/PartII/TitleI/Chapter183B
**I could not find anything about specific timeshare recission. This is the statute regarding cancellation of contracts in general**
Chapter 445, Act 276, Section 445.931: Cancellation of certain contracts by buyer. Section 1
Notice to Purchaser | |
You are entitled to cancel this agreement without penalty or obligation for any reason within 3 business days from the date you signed this agreement. Any payments made by you shall be returned within 10 business days following receipt by the seller of your cancellation notice. You may mail or deliver a written notice to the seller. If mailed, it must be postmarked before midnight of the third business day after you sign the agreement. Deliver or mail the notice to: | |
Name of Seller__________________________ | Date Signed __________________ |
Address of Seller__________________________ | Last Cancellation Date__________________________ |
https://www.legislature.mi.gov/Laws/MCL?objectName=MCL-445-931
MS Code of Rules 30-1601-8.9
In order to protect the purchaser’s right to refund during the rescission period and during any period in which construction of the timeshare property is not complete and available for occupancy by purchasers, the developer shall provide financial assurances as required by this section.
(1) Funds may be disbursed to the developer by the escrow agent from the escrow account or from the broker trust account only after expiration of the purchaser’s rescission period and in accordance with the purchase contract, subject to paragraph 2.
(2) If a prospective purchaser properly cancels the purchase contract following expiration of the cancellation period pursuant to its terms, the funds shall be paid to the prospective purchaser or paid to the developer if the prospective purchaser’s funds have been previously refunded by the developer.
(1) If a prospective purchaser properly cancels the purchase contract pursuant to its terms, the funds shall be paid to the prospective purchaser or paid to the developer if the developer has previously refunded the prospective purchaser’s funds. (See “1 boo above)
(2) If a prospective purchaser defaults in the performance of the prospective purchaser’s obligations under the purchase contract, the funds shall be paid to the developer.
(3) If the funds of a prospective purchaser have not been previously disbursed in accordance with the provisions of this paragraph 2., they may be disbursed to the developer by the escrow agent upon the issuance of acceptable evidence of completion of construction and closing.
(1) the funds that would otherwise be place in escrow, or
(2) in an amount equal to the cost to complete the incomplete property in which the timeshare interest is located. However, in no event shall the amount be less that the amount of funds that would otherwise be placed in escrow pursuant to subparagraph a. of paragraph 1.
(1) Receipt of written direction agreed to by signature of all parties.
(2) Deposit of the funds with a court of competent jurisdiction in which a civil action regarding the funds has been filed
(1) The timeshare Interest together with any other property or rights to property appurtenant to the timeshare interest, including any amenities represented to the purchaser as being part of the timeshare plan, are free and clear of any of the claims of the developer, any owner of the underlying fee, a mortgagee, judgment creditor, or other lien holder, or any other person having an interest in or lien or encumbrance against the timeshare interest or appurtenant property or property rights.
(2) The developer, any owner of the underlying fee, a mortgagee, judgment creditor, or other lien holder, or any other person having an interest in or lien or encumbrance against the timeshare interest or appurtenant property or property rights, including any amenities represented to the purchaser as being part of the timeshare plan, has recorded a subordination and notice to creditors document in the appropriate public records of the jurisdiction in which the timeshare interest is located. The subordination document shall expressly and effectively provide that the interest holder’s right, lien or encumbrance shall not adversely affect, and shall be subordinate to, the rights of the owners of the timeshare interests in the timeshare plan regardless of the date of purchase.
(3) The developer, any owner of the underlying fee, a mortgagee, judgment creditor, or other lien holder, or any other person having an interest in or lien or encumbrance against the timeshare interest or appurtenant property or property rights, including any amenities represented to the purchaser as being part of the timeshare plan, has transferred the subject accommodations, amenities, or all use rights in the amenities to a nonprofit organization or owners’ association to be held for the use and benefit of the owners of the timeshare plan, which organization or owners association shall act as a fiduciary to the purchasers, and the developer has transferred control of the entity to the owners or does not exercise its voting rights in the entity with respect to the subject accommodations or amenities: Prior to the transfer, any lien or other encumbrance against the accommodation or facility shall be made subject to a subordination and notice to creditors, instrument pursuant to subparagraph b. or be free and clear of all liens and encumbrances.
(4) Alternative arrangements have been made which are adequate to protect the rights of the purchasers of the timeshare interests and approved by the Commission.
https://sos.ms.gov/ACProposed/00019448b.pdf
Under state law, timeshares are defined as merchandise and fall within the guidelines of Missouri’s Merchandising Practices Act, Chapter 407, Missouri Revised Statutes.
Use of any deception, fraud, false pretense, false promise, misrepresentation, unfair practice or concealment of fact by a person in connection with the sale of timeshares is subject to civil and criminal penalties that may be brought by the Attorney General.
Major provisions of a state law protecting buyers are:
Complaints from Customers
Complaints range from disappointment with a prize and high-pressure sales tactics to outright deception and fraud. Typical complaints include:
NRS 119A.410: Right to cancel contract of sale
1. The purchaser of a time share may cancel, by written notice, the contract of sale until midnight of the fifth calendar day following the date of execution of the contract. The contract of sale must include a statement of this right.
2. The right of cancellation may not be waived. Any attempt by the developer to obtain a waiver results in a contract which is voidable by the purchaser.
3. The notice of cancellation may be delivered personally to the developer, sent by certified mail, return receipt requested, or sent by express, priority or recognized overnight delivery service, with proof of service, to the business address of the developer.
4. The developer shall, within 20 days after receipt of the notice of cancellation, return all payments made by the purchaser.
https://www.leg.state.nv.us/nrs/nrs-119a.html#NRS119ASec410
A timeshare contract can be canceled within five days from the later of:
To cancel your timeshare purchase, give written notice of your intent to cancel to the developer by:
If you choose to mail the notice of cancellation, you must also provide the developer with telephonic notice of cancellation within the five-day cancellation period. (N.H. Rev. Stat. Ann § 356-A:4(II), § 356-B:50(II).)
Other Protections for Timeshare Purchasers in New Hampshire
New Hampshire law protects timeshare buyers by requiring timeshare sellers to use an escrow account in timeshare transactions. When you purchase a timeshare in New Hampshire, the timeshare developer must put any money you pay in connection with the purchase into an escrow account until the closing or you cancel the purchase. (N.H. Rev. Stat. Ann § 356-A:9-a, § 356-B:57.) The point of the escrow requirement is to protect your right to a refund if you cancel the sales agreement during the cancellation period.
https://www.doj.nh.gov/consumer/sourcebook/right-of-recission.htm
Notice to purchasers pursuant to New Jersey Law, you have the right to cancel your contract or agreement without cause by sending or delivering written notice of cancellation to the developer or his agent by midnight of the seventh (7th) calendar day on which such contract or agreement was executed. All monies paid will be promptly refunded.
If the contract documents and/or local law grants a rescission period of greater than 7 days, then the longer period will apply.
Even though the developer offers or recommends lender financing, alternate sources of financing may be available. Purchasers should ascertain for themselves what method or sources of financing best suits their individual needs.
This public offering statement is intended as a summary of certain minimum information, and is not intended as an allinclusive explanation of the development. It is based upon information furnished by the developer, and does not constitute an endorsement or recommendation of the merits or value of the offering by the New Jersey Real Estate Commission.
Prospective purchasers should not rely upon any oral representations as being correct or binding upon the developer.
Prospective purchasers should review all documents, exhibits, contracts and materials applicable to this purchase, and are encouraged to consult with legal counsel before entering into a contract to purchase the interest offered herein.
https://www.state.nj.us/dobi/division_rec/subdivided/forms/timesharepos_nonspec.pdf
Under Section 24.3 of New York timeshare laws, a purchaser has the right to cancel a timeshare contract within seven business days on the date that the contract was engaged. This right to cancel cannot be waived. Under this timeshare law, the seller must refund all payments within 30 days.
Article 4, Chapter 93A-45: Purchaser’s right to cancel (a) A developer shall, before transfer of a time share and no later than the date of any contract of sale, provide a prospective purchaser with a copy of a public offering statement containing the information required by G.S. 93A-44. The contract of sale is voidable by the purchaser for five days after the execution of the contract. The contract shall conspicuously disclose the purchaser’s right to cancel under this subsection and how that right may be exercised. The purchaser may not waive this right of cancellation. Any oral or written declaration or instrument that purports to waive this right of cancellation is void. (b) A purchaser may elect to cancel within the time period set out in subsection (a) by hand delivering or by mailing notice to the developer or the time share salesperson. Cancellation under this section is without penalty and upon receipt of the notice all payments made prior to cancellation must be refunded immediately.(c) Any payments received by a time share developer or time share salesperson in connection with the sale of the time share shall be immediately deposited by the developer or salesperson in a trust or escrow account in a federally insured depository institution or a trust institution authorized to do business in this State and shall remain in such account for 10 days or cancellation by the purchaser, whichever occurs first. Payments held in such trust or escrow accounts shall be deemed to belong to the purchaser and not the developer. In lieu of such escrow requirements, the Commission shall have the authority to accept, in its discretion, alternative financial assurances adequate to protect the purchaser’s interest during the contract cancellation period, including but not limited to a surety bond, corporate bond, cash deposit or irrevocable letter of credit in an amount equal to the escrow requirements. (d) If a developer fails to provide a purchaser to whom a time share is transferred with the statement as required by subsection (a), the purchaser, in addition to any rights to damages or other relief, is entitled to receive from the developer an amount equal to ten percent (10%) of the sales price of the time share not to exceed three thousand dollars ($3,000). A receipt signed by the purchaser stating that the purchaser has received the statement required by subsection (a) is prima facie evidence of delivery of the statement.
https://www.ncleg.net/EnactedLegislation/Statutes/PDF/ByArticle/Chapter_93A/Article_4.pdf
The timeshare cancelation right is a period of three days. The purchaser must submit a written notice to cancel the timeshare contract to the seller by mail within this time period. All funds must be returned to the purchaser shortly thereafter.
A contract can be canceled within five calendar days from the date you sign the first written offer or contract to purchase. (Or. Rev. Stat. § 94.836(1).) However, if the developer doesn’t provide an address to you for cancellation purposes, the cancellation period doesn’t begin until the developer gives you the address. (Or. Rev. Stat. § 94.836(2).)
To cancel, you must give written notice to the developer at the developer’s address. (Or. Rev. Stat. § 94.836(2).) The notice of cancellation doesn’t need to be in a particular format. The notice is sufficient if it indicates your intention to cancel the contract. (Or. Rev. Stat. § 94.836(3).)
If you give you notice of cancellation by mail, you must send it by certified mail, return receipt requested. The cancellation is effective on the date that the notice is deposited with the United States Postal Service, properly addressed and postage prepaid. (Or. Rev. Stat. § 94.836(4).)
Other Protections for Timeshare Purchasers in Oregon
Oregon law makes it unlawful for a timeshare developer or salesperson to do any of the following when selling timeshares:
Escrow Account Required in Timeshare Purchases
A timeshare developer must put any money you pay in connection with a timeshare purchase into an escrow account with an escrow agent. (Or. Rev. Stat. § 94.873(1).) It will release the funds:
Timeshare’s Public Report
In Oregon, the Real Estate Commissioner may examine a timeshare plan to be offered for sale and make a public report of the findings. The timeshare developer must give a copy of the public report to the prospective purchaser before signing the contract. (Or. Rev. Stat. § 94.829.)
Timeshare Advertising Regulations in Oregon
Oregon law prohibits a timeshare developer, or its agent or an employee, from putting false or misleading statements, pictures, or sketches in advertisements, radio broadcasts, or telecasts. (Or. Rev. Stat. § 94.945.)
https://oregon.public.law/statutes/ors_94.836
Section 609: Right to cancel purchase of timeshare and campground membership
Title 34, Chapter 41, Article IV, Section 34-41-4.06: Purchaser’s right to cancel 1) A purchaser has the right to cancel the contract until midnight of the fifth (5th) business day (specifically excluding therefrom Saturdays, Sundays and legal holidays) following whichever of the following days occurs later:i) The execution date; orii) The day on which the purchaser received the last of all documents required to be provided to him or her.
This right of cancellation may not be waived by any purchaser or by any other person on behalf of the purchaser. Furthermore, no closing may occur until the cancellation period of the time-share purchaser has expired. Any attempt to obtain a waiver of the cancellation right of the time-share purchaser, or to hold a closing prior to the expiration of the cancellation period, is unlawful and such closing is voidable at the option of the purchaser for a period of one (1) year after the expiration of the cancellation period.b) Any notice of cancellation shall be considered given on the date postmarked if mailed, or when transmitted from the place or origin if telegraphed, so long as the notice is actually received by the developer or escrow agent. If given by means of a writing transmitted other than by mail or telegraph, the notice of cancellation shall be considered given at the time of delivery at the place of business of the developer.c) In the event of a timely preclosing cancellation, the developer shall honor the right of any purchaser to cancel the contract which granted the time-share purchaser rights in and to the plan. Upon such cancellation, the developer shall 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. Such refund shall be made within twenty (20) days of demand therefore by the purchaser or within five (5) days after receipt of funds from the purchaser’s cleared check, whichever is later.
http://webserver.rilin.state.ri.us/Statutes/TITLE34/34-41/34-41-4.06.htm
South Carolina law makes it illegal for a timeshare seller to use fraud, misrepresentation, or to fail to disclose material facts to induce a timeshare sale. (S.C. Code Ann. § 27-32-110). South Carolina timeshare law also prohibits a developer or salesperson from using false or misleading advertisements in order to sell timeshares. (S.C. Code Ann. § 27-32-190).
SECTION 27-32-30. Materials to be kept among business records of seller of plans
It is a violation of this chapter for a person offering vacation time sharing plans for sale to the public to fail to keep among its business records a:
Right to Cancel/How to Cancel a Timeshare in South Carolina
SECTION 27-32-40. Furnishing copy of contract to purchaser; terms thereof.
“YOU MAY CANCEL THIS CONTRACT WITHOUT PENALTY OR OBLIGATION WITHIN FIVE DAYS AFTER THE DATE YOU SIGN THIS CONTRACT, NOT INCLUDING SUNDAY IF THAT IS THE FIFTH DAY, OR THE DATE YOU RECEIVE THE DISCLOSURE STATEMENT PURSUANT TO SECTION 27-32-100, WHICHEVER OCCURS LATER. IF YOU DECIDE TO CANCEL, YOU MUST NOTIFY THE SELLER IN WRITING OF YOUR INTENT TO CANCEL BY SENDING NOTICE BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY ANOTHER VERIFIABLE MEANS, TO (NAME OF SELLER) AT (SELLER’S ADDRESS).”
(b) in the case of a vacation time sharing lease plan the following statement also must be included:
“YOU ALSO MAY CANCEL THIS CONTRACT AT ANY TIME IN CASE THE ACCOMMODATIONS OR FACILITIES PROVIDED IN THE CONTRACT OR COMPARABLE ACCOMMODATIONS OR FACILITIES ARE NO LONGER AVAILABLE”
SECTION 27-32-70. Misrepresentation of right to cancel
It is a violation of this chapter for a seller of vacation time sharing plans, or his assignees, to misrepresent in any manner the purchaser’s right to cancel provided by this chapter. (S.C. Code Ann. § 27-32-70)
SECTION 27.32.100. Public offering statements; contests.
A timeshare seller must provide to the prospective purchaser a written public offering statement regarding the purchaser’s rights and obligations associated with the purchase of an interest in that vacation timesharing plan. The purchaser must receive the statement before signing a purchase contract and the statement must include, among other things:
SECTION 27-32-110. Prohibited practices
It is a violation of this chapter for a seller of vacation time sharing plans to:
https://www.scstatehouse.gov/code/t27c032.php
Section 20:69:12:21: Mutual right to cancel contract
A developer or purchaser may cancel a contract by giving the other party written notice within seven calendar days after execution of the contract or after the purchaser’s receipt of a disclosure statement, whichever occurs later.
The purchaser is entitled to a refund of all sums paid within 30 days after notice of cancellation if all materials received on the date of sale are returned to a specified address of the seller or within 60 days if all sales materials are not returned.
A developer or agent shall furnish each purchaser at the time the contract for purchase of a membership is signed the following cancellation notice prepared exactly as follows:
NOTICE TO BUYER: YOU OR THE DEVELOPER MAY CANCEL THIS TRANSACTION WITHIN SEVEN (7) CALENDAR DAYS AFTER THE EXECUTION OF THE CONTRACT OR AFTER YOUR RECEIPT OF THE DISCLOSURE STATEMENT, WHICHEVER OCCURS LATER. YOU ARE ENTITLED TO A REFUND OF ALL SUMS YOU PAID WITHIN 30 DAYS AFTER NOTICE OF CANCELLATION WHEN ALL MATERIALS RECEIVED ON THE DATE OF SALE ARE RETURNED TO THE ADDRESS STATED BELOW OR WITHIN 60 DAYS IF ALL SALES MATERIALS ARE NOT RETURNED. TO CANCEL THIS TRANSACTION, MAIL OR DELIVER A SIGNED AND DATED WRITTEN CANCELLATION NOTICE TO:
(Insert name and address of developer)
Tenn. Code Ann 66-32-114: Mutual Rights of Cancellation
(a) Before transfer of a time-share interval and no later than the date of any sales contract, the developer shall provide the intended transferee with a copy of the public offering statement and any amendments and supplements thereto. The contract is voidable by the purchaser until the purchaser has received the public offering statement. The contract is also voidable by the purchaser for ten (10) days from the date of the signing of the contract by the purchaser if the purchaser shall have made an on-site inspection of the time-share project or any component site prior to the signing of the contract, and if the purchaser did not make an on-site inspection of the time-share project or any component site prior to signing the contract, for fifteen (15) days thereafter. Cancellation is without penalty, and all payments made by the purchaser before cancellation must be refunded within thirty (30) days after receipt of the notice of cancellation as provided in subsection (c).
(b) During the applicable rescission period, the developer may cancel the contract of purchase without penalty to either party. The developer shall return all payments due, the purchaser shall return all material received in good condition, reasonable wear and tear excepted. If such materials are not returned, the developer may deduct the cost of the same and return the balance to the purchaser.
(c) If either party elects to cancel a contract pursuant to subsection (a) or (b), that party may do so by hand delivering notice thereof to the other party within the designated period for voiding such contract or by mailing notice thereof by prepaid United States mail, postmarked anytime within the designated period for voiding such contract, to the other party or to such party’s agent for service of process. The rescission rights set forth in subsections (a) and (b) may not be waived by either the purchaser or developer.
https://www.tncourts.gov/Tennessee%20Code
You have the right to cancel a timeshare contract so long as you do it before the sixth day after the latter of:
The right to cancel cannot be waived. If your contract contains a waiver of this right, the contract is voidable. (Tex. Prop. Code Ann. § 221.041.)
The developer must provide a timeshare disclosure statement to you before you sign the timeshare agreement. The timeshare developer must also get you to sign an acknowledgment that you received the timeshare disclosure statement. (Tex. Prop. Code Ann. § 221.032.)
The timeshare disclosure statement must include, among other things:
How to Cancel a Texas Timeshare Contract
https://statutes.capitol.texas.gov/Docs/PR/htm/PR.221.htm
57-19-12 Purchaser’s right to cancel.
(1)
(a) An agreement to purchase an interest in a development may be cancelled, at the option of the purchaser, if:
(i) the purchaser delivers a written notice of cancellation to the developer at the developer’s business address by:
(A) hand; or
(B) certified mail, return receipt requested, or a delivery service that provides proof of delivery;
and
(ii) the notice is delivered or postmarked not later than midnight of the fifth business day after the day on which the agreement is signed.
(b) In computing the number of business days for purposes of this section, the day on which the agreement was signed is not included.
(c) Within 30 days after the day on which the developer receives a timely notice of cancellation,
the developer shall refund any money or other consideration paid by the purchaser.
(2) Every agreement to purchase an interest in a development that is subject to this chapter shall include the following statement in at least 10-point bold upper-case type, immediately preceding the space for the purchaser’s signature:
“PURCHASER’S RIGHT TO CANCEL: YOU MAY CANCEL THIS AGREEMENT
WITHOUT ANY CANCELLATION FEE OR OTHER PENALTY BY HAND DELIVERING
OR SENDING BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR A DELIVERY
SERVICE THAT PROVIDES PROOF OF DELIVERY, WRITTEN NOTICE OF CANCELLATION
TO: (NAME AND ADDRESS OF DEVELOPER). THE NOTICE MUST BE DELIVERED OR
POSTMARKED BY MIDNIGHT OF THE FIFTH BUSINESS DAY FOLLOWING THE DAY ON
WHICH THE AGREEMENT IS SIGNED. IN COMPUTING THE NUMBER OF BUSINESS
DAYS, THE DAY ON WHICH THE CONTRACT IS SIGNED IS NOT INCLUDED.”
Amended by Chapter 255, 2016 General Session
https://le.utah.gov/xcode/Title57/Chapter19/C57-19_1800010118000101.pdf
https://law.lis.virginia.gov/vacodepopularnames/the-virginia-real-estate-time-share-act/
Under RCW 64.36.150 timeshare law in Washington permits a purchaser to have up to seven days for timeshare cancellation of the contract after it is signed. However, if the purchaser does not receive the legal disclosure statement, they may cancel a timeshare contract up to seven days after the document is received.
Other Protections for Timeshare Purchasers in Washington
Washington law protects timeshare buyers by requiring most timeshare sellers to register with the state and prohibiting deceptive practices and false statements in timeshare sales. Timeshare sellers sometimes offer gifts or prizes to get you to attend a sales presentation. Washington law requires such sellers to actually give you the gift or prize if you attend a presentation.
Timeshare Sales Law in Washington
In Washington, any individual offering timeshares must be registered with the state as a timeshare salesperson unless the timeshare offering is exempt from registration or the timeshare salesperson is licensed as a real estate broker or salesperson. (Wash. Rev. Code § 64.36.070.)
Washington law allows for disciplinary action against a timeshare salesperson if the salesperson has engaged in dishonest or unethical practices in the timeshare business. (Wash. Rev. Code § 64.36.090.)
Consumer Protections in Washington Timeshare Sales
Washington law makes it unlawful (a class C felony) for any person in connection with the offer, sale, or lease of any timeshare in the state:
https://app.leg.wa.gov/rcw/default.aspx?cite=64.36&full=true
Chapter 36, Article 9, Section 36-9-5: Contracts for purchase of time-share periods.
No seller of a time-sharing plan shall fail to utilize, and furnish each purchaser of such plan a fully completed copy of, a contract pertaining to such sale, which contract shall include the following information:
“YOU MAY CANCEL THIS CONTRACT WITHOUT ANY PENALTY OR OBLIGATION WITHIN TEN DAYS FROM THE DATE YOU SIGN THIS CONTRACT, AND UNTIL TEN DAYS AFTER YOU RECEIVE THE PUBLIC OFFERING STATEMENT.
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) . NO PURCHASER SHOULD RELY UPON REPRESENTATIONS OTHER THAN THOSE INCLUDED IN THIS CONTRACT.”
If no interest in real property is being conveyed, the contract shall also contain the following statement:
“YOU MAY ALSO CANCEL THIS CONTRACT AT ANY TIME AFTER THE ACCOMMODATIONS OR FACILITIES ARE NO LONGER AVAILABLE AS PROVIDED IN THIS CONTRACT”;
707.47: Purchaser’s Right to Cancel
(1) Provision of statement. A person required to deliver a time-share disclosure statement under s. 707.41 (2) shall, before transfer of a time share and no later than the date of any contract for the purchase of a time share, provide a prospective purchaser with a copy of the time-share disclosure statement and all amendments and supplements to the statement.
(2) Right to cancel. If delivery of a time-share disclosure statement is required under s. 707.41 (2), the purchaser may cancel a contract for the purchase of a time share until midnight of the 5th business day after whichever of the following is later:
(a) The date that the contract is executed.
(b) The date on which the purchaser receives the last of the documents required to be provided to the purchaser under sub. (1).
(3) Activity before cancellation period expires. No title may be recorded, deed delivered or deposit released until the cancellation period under sub. (2) has expired. Nothing in this subsection or sub. (4) precludes the execution of documents before the cancellation period expires, for delivery after the cancellation period expires.
(4) Waiver prohibited. The purchaser or any person on behalf of the purchaser may not waive the right to cancel under sub. (2).
(5) Notice of cancellation. If a purchaser elects to cancel a contract under sub. (2), the purchaser may do so by personally-delivering notice of the cancellation to the seller or by mailing the notice to the developer or to the developer’s agent for service of process. If mailed, any notice of cancellation shall be considered given on the date that the notice is postmarked.
(6) Refund.
(a) Cancellation under sub. (2) shall be without penalty, and, except as provided in par. (b), all payments made by the purchaser before cancellation shall be refunded within 20 days after receipt of the notice of cancellation or within 5 days after receipt of funds from the purchaser’s cleared check, whichever is later.
(b) If the purchaser has used or occupied the time-share property for more than 12 hours before cancellation, the funds to be returned to the purchaser may be reduced by a reasonable charge to cover the length of stay plus the cost for damages, if any, to the time-share property directly attributable to the purchaser’s use or occupancy of the time share property.
https://docs.legis.wisconsin.gov/statutes/statutes/707/iv/47
You have five business days to cancel a timeshare contract after you’ve signed it and this right to cancel can’t be waived.
To cancel the contract, notify the developer in writing. It’s also a good idea to send a cancellation notification by email, as well as in person, if possible. Be sure to:
If the developer stalls or refuses to give you a refund, you can file a formal complaint against the company with PROFECO.
(1) A purchaser shall have the right to cancel his purchase contract until midnight of the seventh calendar day following the date upon which the purchaser executed such purchase contract or received the timeshare or vacation club permit, whichever occurs later. Purchaser shall also have the right to cancel his purchase contract after the rescission period has expired if the developer has not completed the accommodations which are the object of the purchase contract or of the timeshare or vacation club right which is the object thereof within the term set forth in § 1254b of this title. The following notice of the purchaser’s right of cancellation shall be set forth in conspicuous type in the immediate proximity of the place for the purchaser’s signature in the purchase contract:
YOU MAY CANCEL THIS PURCHASE CONTRACT AND RECEIVE A REFUND OF ANY MONIES PAID TO THE SELLER, LESS THE VALUE OF ANY BENEFITS RECEIVED PURSUANT TO THIS PURCHASE CONTRACT, WITHIN SEVEN DAYS FOLLOWING THE DATE UPON WHICH YOU EXECUTED THIS PURCHASE CONTRACT OR RECEIVED THE TIMESHARE [OR VACATION CLUB] PERMIT, WHICHEVER OCCURRED LATER. SHOULD YOU DECIDE TO CANCEL THIS CONTRACT FOR ANY REASON, YOU MUST PROVIDE WRITTEN NOTICE OF YOUR DECISION TO [NAME OF SELLER] AT [SELLER’S ADDRESS] BY FIRST CLASS MAIL POSTMARKED PRIOR TO MIDNIGHT OF THE SEVEN (7TH) CALENDAR DAY AFTER YOU SIGNED THIS PURCHASE CONTRACT OR RECEIVED THE TIMESHARE [OR VACATION CLUB] PERMIT, WHICHEVER OCCURRED LATER.
The purchaser’s right of cancellation, as provided in this subsection shall not be subject to waiver by the purchaser, and any provision of the purchase contract or any other timeshare or vacation club document purporting to constitute such a waiver shall he deemed null and void.
Any notice of cancellation given by mail, postage prepaid, shall be effective on the date postmarked. Any written notice of cancellation delivered other than by mail shall be effective at the time of its delivery at the place of business of the seller designated in the form of notice of cancellation.
(2) It shall be a violation of this chapter for a developer to misrepresent in any manner a purchaser’s right to cancel his purchase contract or to fail or refuse to refund any and all payments made by the purchaser of a timeshare or vacation club right or accommodation and return any negotiable instruments (other than checks) executed by the purchaser as partial consideration for his purchase, less the value of any benefits received by the purchaser pursuant to his purchase contract, within ten (10) days following the developer’s receipt of the purchaser’s written notice of cancellation.
Our experts are here to help. Please fill out this form for your FREE consultation.
Know About Us
