When a person buys a timeshare in Florida, he/she should be aware of all the relevant facts that will be needed to cancel the contract if needed in the future. It is essential to know how to get out of a timeshare contract in Florida, to avoid legal hassles in this matter. They should know how to cancel a timeshare, the resale laws, and whether the owner will have any liability after the foreclosure.
Primary regulations for cancellation of a timeshare contract in Florida
When someone buys a timeshare in Florida, the rescission period for cancellation of the timeshare contract is 10 calendar days from the date of signing the contract or the date when the buyer receives the last document of this purchase, only the later date is taken into account. The buyer can cancel the contract very easily without any legal aid during this period.
The timeshare owner must notify the seller with a written cancellation letter that he/she wants to cancel the contract. The seller needs to refund the entire purchase amount within 20 days of receiving this letter that should be considered as cancellation notice. The seller may also pay the refund money within 5 days from when the buyer’s given check is cleared by the bank. Only the later date is considered here as well, for the refund of the money.
Regulations for reselling the timeshares in Florida
After the rescission period is over, the cancellation of the timeshare contract is not legally possible in Florida. In that case, the owner can sell that timeshare to another buyer, to get out of this contract. However, the resale of a timeshare is not an easy job for owners in this US state. They are often misled by fraud advertisements, which seem to be good offers but the owner needs to pay a large amount of upfront fee. Ultimately, no buyer shows up for that timeshare and the entire phase is found to be a scam.
Hence, now every timeshare resale advertisement needs to contain the name and contact details of a potential buyer. The advertiser must sign a written contract with the timeshare owner before accepting any kind of fee from him that amounts to higher than $75. According to this contract, the advertiser will have to provide the promised service to the owner of the timeshare. The timeshare owner can cancel this contract within 10 days of signing it. Then the advertiser should refund the full amount of paid fees within 20 days or 5 days after the received check is cleared, considering the later date. If any advertiser violates any of these rules, he/she will face a penalty of a maximum of $15,000 in Florida.
Therefore, it is not too troublesome for timeshare owners if they know how to get out of a timeshare contract in Florida. They are saved from all risk of scams here while reselling their timeshares. They should make sure to receive all the documents related to the timeshare contracts from their sellers. The foreclosure procedure is quite simple with the payments of all mortgages, maintenance fees, and taxes.