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How To Cancel a Timeshare in Florida
If you have purchased or are thinking of purchasing a timeshare in Florida, it’s important to learn the answers to the following questions:
How do I cancel a timeshare in Florida?
Read on to find out some of the most important features of Florida timeshare law.
Right to Cancel a Timeshare in Florida
In Florida, if you buy a timeshare, you can cancel the timeshare contract up until midnight of the 10th calendar day following:
the date you signed the contract, or
the day on which you received the last of all required documents, whichever occurs later (Fla. Stat. Ann. § 721.10 (1)).
This right of cancellation may not be waived.
If you want to cancel the purchase contract, you must notify the seller in writing. If you do this, the timeshare company must refund to you the total amount of payments, reduced by the value of any benefits received, within:
20 days after it receives your notice of cancellation, or
within five days after it receives the funds from your cleared check, whichever is later. (Fla. Stat. Ann. § 721.10 (3)).
In Florida, the developer must furnish each timeshare purchaser with a copy of the public offering statement (Fla. Stat. Ann. § 721.07 (6)(a)).
The public offering statement is a very detailed history of the project that contains important matters to consider when buying a timeshare interest, including (among other things):
a description of the timeshare plan
the duration, in years, of the timeshare plan
whether any interest in the underlying real property will be conveyed to the purchaser
a description of the accommodations, and
an explanation of how the timeshare developer apportioned common expenses and ownership of the common elements.
Florida Timeshare Resale Protection Laws
Owners often find it extremely difficult to sell their timeshare since there is virtually no after-market for timeshares. As a result, timeshare scam artists have popped up who mislead timeshare owners into thinking that they have someone waiting in the wings that wants to buy the timeshare. But there’s a catch — the timeshare owner must pay hundreds or thousands of dollars in upfront fees. Once the fees are paid, the scam artists claim that they were simply offering advertising services for the upfront money paid and no buyer ever materializes.
Florida law provides the following protections to shield consumers from this type of resale scam.
Timeshare resale advertisers are not allowed to claim that there is a buyer interested in the owner’s timeshare without providing the potential buyer’s name, address, and telephone number.
Before collecting fees greater than $75 or engaging in any resale advertising activities, timeshare resale advertisers must obtain a written contract to provide services that is signed by the timeshare owner.
Timeshare owners can cancel any signed contract with a timeshare resale advertiser within 10 days and, if cancelled, the timeshare resale advertiser must provide a full refund to the timeshare owner in 20 days (or within five days after receipt of funds from the cleared check, whichever is later).
If a timeshare resale advertiser violates the law, it can be penalized up to $15,000 per violation (Fla. Stat. Ann. § 721.205).
(Learn more about Florida Restrictions on Timeshare Resellers.)
In Florida, residential foreclosures are judicial, but state law provides for the nonjudicial foreclosure of mortgages and assessment liens when it comes to timeshare properties (Fla. Stat. Ann. § 721.855 and § 721.856).
(To learn more about the difference between judicial and nonjudicial foreclosure, and the procedures for each, visit Nolo’s Judicial v. Nonjudicial Foreclosure page.)
Whether or not you face a deficiency judgment after a timeshare foreclosure depends on state law. In Florida, the borrower is not subject to a deficiency judgment after a timeshare foreclosure even if the proceeds from the sale of the timeshare are insufficient to cover the debt (Fla. Stat. Ann. §721.81(7)).
Timeshares are regulated by statute. You can access the Florida statutes by going to www.leg.state.fl.us and clicking on “Florida Statutes.” Then click on Title XL (Real and Personal Property) and then Chapter 721 (Vacation and Timeshare Plans). The statutes governing timeshares in Florida can be found in Part I, § 721.01 et seq.
(For articles on Florida consumer protection laws, visit our Florida Debt Management & Consumer Law Center.)
(For general articles on foreclosure in Florida, visit our Florida Foreclosure Law Center.)
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