TIME SHARE FRAUD

[MR.MCD]

My wife and I just signed up for a time share
in ORLANDO.
We paid all the closing cost and were encouraged by the impression that,if we needed to sell it, we would have all the
assistance from the time shae organization. We were mainly lead to believe this was a good "INVESTMENT" due to the increase of
development by DISNEY WORLD.
THERE IS MORE BUT, I WANT OUT!!!
IS THERE A WAY??

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by MR.MCD:
My wife and I just signed up for a time share
in ORLANDO.
We paid all the closing cost and were encouraged by the impression that,if we needed to sell it, we would have all the
assistance from the time shae organization. We were mainly lead to believe this was a good "INVESTMENT" due to the increase of
development by DISNEY WORLD.
THERE IS MORE BUT, I WANT OUT!!!
IS THERE A WAY?? <HR></BLOCKQUOTE>

Yes. Read your purchase contract as there should be required by law an automatic cancellation period where you can cancel for any reason. I believe this period is 3 days but check with the Florida State Consumer Protection Office and the Time Share License Board. If you have missed the date to cancel there are other ways to get out of the contract. A highly reputable company will allow cancellation and return your downpayment less associated costs. If you run into a roadblock, seek advice from an attorney.

 

[I AM ALWAYS LIABLE]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by MR.MCD:
My wife and I just signed up for a time share
in ORLANDO.
We paid all the closing cost and were encouraged by the impression that,if we needed to sell it, we would have all the
assistance from the time shae organization. We were mainly lead to believe this was a good "INVESTMENT" due to the increase of
development by DISNEY WORLD.
THERE IS MORE BUT, I WANT OUT!!!
IS THERE A WAY?? <HR></BLOCKQUOTE>

My response:

The following Code Sections are the Florida laws concerning "Home Solicitation" contracts. Unless the sale of your Time-Share occurred in your home, you do not qualify for cancellation under these laws.

501.031 Home solicitation sale; written agreement.--Every home solicitation sale shall be evidenced by a writing as provided in this section.
(1) In a home solicitation sale, the seller must present to and obtain from the buyer his or her signature to a written agreement or offer to purchase which designates, as the date of the transaction, the date on which the buyer actually signs and which contains a statement of the buyer's rights, which statement complies with subsection (2).
(2) The statement must:
(a) Appear under the conspicuous caption, "BUYER'S RIGHT TO CANCEL";
(b) Read as follows: "This is a home solicitation sale, and if you do not want the goods or services, you may cancel this agreement by providing written notice to the seller in person, by telegram, or by mail. This notice must indicate that you do not want the goods or services and must be delivered or postmarked before midnight of the third business day after you sign this agreement. If you cancel this agreement, the seller may not keep all or part of any cash down payment."


501.025 Home solicitation sale; buyer's right to cancel.--In addition to any other right to revoke an offer, the buyer has the right to cancel a home solicitation sale until midnight of the third business day after the day on which the buyer signs an agreement or offer to purchase. Cancellation is evidenced by the buyer giving written notice of cancellation in person, by telegram, or by mail to the seller at the address stated in the agreement or offer to purchase. The written notice of cancellation given by mail shall be effective upon postmarking. The notice of cancellation need not take a particular form and is sufficient if it indicates by any form of written expression the intention of the buyer not to be bound by the home solicitation sale. Notice of a buyer's right to cancel must appear on every note or other evidence of indebtedness given pursuant to any home solicitation sale. For the purposes of this section, unless a mortgage also creates the buyer's promise to pay the secured debt, it is not an evidence of indebtedness.

501.045 Home solicitation sale; duty of buyer.--Except as provided in s. 501.041, within a reasonable time after a home solicitation sale has been canceled or an offer to purchase revoked, the buyer upon demand must tender to the seller any goods delivered by the seller pursuant to the sale, but he or she is not obligated to tender at any place other than his or her residence. If the seller fails to demand possession of goods within a reasonable time after cancellation or revocation, the goods become the property of the buyer without obligation to pay for them. For the purposes of this section, 40 days is presumed to be a reasonable time. The buyer has the duty to take reasonable care of the goods in his or her possession before cancellation or revocation and for a reasonable time thereafter, during which time the goods are otherwise at the seller's risk. If the seller has performed any services pursuant to a home solicitation sale prior to its cancellation, the seller is entitled to no compensation for such services.

501.047 Home solicitation sale; prohibited practices.--In conducting a home solicitation, no person shall:
(1) Misrepresent the terms or conditions of the sale, lease, or rental.
(2) Misrepresent the seller's affiliation with the parent company or sponsor.
(3) Misrepresent the seller's reasons for soliciting the sale, lease, or rental of goods or services, such as participation in a contest or inability to perform any other job, when such is not a fact.
(4) Allege or imply that the agreement to purchase, lease, or rent goods or services is noncancelable when such is not a fact.
(5) Perform any other act which constitutes misrepresentation.

501.041 Home solicitation sale; restoration of down payment.--Within 10 days after a home solicitation sale has been canceled or an offer to purchase revoked, the seller must tender to the buyer any payments made by the buyer and any note or other evidence of indebtedness. If the down payment includes goods traded in, the goods must be tendered in substantially as good condition as when received by the seller. If the seller fails to tender the goods, the buyer may elect to recover an amount equal to the trade-in allowance stated in the agreement. Until the seller has complied with the obligations imposed by this section, the buyer may retain possession of goods delivered to her or him by the seller and has a lien on the goods in her or his possession or control for any recovery to which she or he is entitled.

Good luck.

IAAL



------------------
By reading the “Response” to your question or comment, you agree that: The opinions expressed herein by "I AM ALWAYS LIABLE" are designed to provide educational information only and are not intended to, nor do they, offer legal advice. Opinions expressed to you in this site are not intended to, nor does it, create an attorney-client relationship, nor does it constitute legal advice to any person reviewing such information. No electronic communication with "I AM ALWAYS LIABLE," on its own, will generate an attorney-client relationship, nor will it be considered an attorney-client privileged communication. You further agree that you will obtain your own attorney's advice and counsel for your questions responded to herein by "I AM ALWAYS LIABLE."

 

[Tracey]

The Florida timeshare statutes are in Title XL, chapter 721. Happy reading!


721.06 Contracts for purchase of timeshare periods.--

(1) Each seller shall utilize, and furnish each purchaser a fully completed and executed copy of, a contract pertaining to the sale, which contract shall include the following information:

(a)
(f) Immediately prior to the space reserved in the contract for the signature of the purchaser, in conspicuous type, substantially the following statements:

You may cancel this contract without any penalty or obligation within 10 calendar days after the date you sign this contract, and within 10 calendar days after the date you receive the approved public offering statement, whichever is later.

If you decide to cancel this 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. 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.


(g) If a timeshare license is being conveyed, the following statement in conspicuous type:

You may also cancel this contract at any time after the accommodations or facilities are no longer available as provided in this contract and the public offering statement.

(h)
(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 public offering statements or other documentation or materials that must be furnished to a purchaser pursuant to statute or rule.



------------------
This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Tracey:
The Florida timeshare statutes are in Title XL, chapter 721. Happy reading!


721.06 Contracts for purchase of timeshare periods.--

(1) Each seller shall utilize, and furnish each purchaser a fully completed and executed copy of, a contract pertaining to the sale, which contract shall include the following information:

(a)
(f) Immediately prior to the space reserved in the contract for the signature of the purchaser, in conspicuous type, substantially the following statements:

You may cancel this contract without any penalty or obligation within 10 calendar days after the date you sign this contract, and within 10 calendar days after the date you receive the approved public offering statement, whichever is later.

If you decide to cancel this 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. 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.


(g) If a timeshare license is being conveyed, the following statement in conspicuous type:

You may also cancel this contract at any time after the accommodations or facilities are no longer available as provided in this contract and the public offering statement.

(h)
(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 public offering statements or other documentation or materials that must be furnished to a purchaser pursuant to statute or rule.

<HR></BLOCKQUOTE>

To IAAL and Tracey: Thanks for the legal stuff.

 

[I AM ALWAYS LIABLE]

My response:

That's what friends are for. Legal "back-up". I still dig your wonderful responses Homeguru. You are a terrific asset !!

IAAL

------------------
By reading the “Response” to your question or comment, you agree that: The opinions expressed herein by "I AM ALWAYS LIABLE" are designed to provide educational information only and are not intended to, nor do they, offer legal advice. Opinions expressed to you in this site are not intended to, nor does it, create an attorney-client relationship, nor does it constitute legal advice to any person reviewing such information. No electronic communication with "I AM ALWAYS LIABLE," on its own, will generate an attorney-client relationship, nor will it be considered an attorney-client privileged communication. You further agree that you will obtain your own attorney's advice and counsel for your questions responded to herein by "I AM ALWAYS LIABLE."