Source: https://www.nolo.com/legal-encyclopedia/north-carolina-timeshare-foreclosure-right-cancel-laws.html
Timestamp: 2019-03-24 18:09:49
Document Index: 58384488

Matched Legal Cases: ['§ 93', '§ 93', '§ 93', '§ 93', '§ 93', '§ 93', '§ 93']

North Carolina Timeshare Foreclosure and Right to Cancel Laws | Nolo
Buying or Selling Timeshares
North Carolina Timeshare Foreclosure and Right to Cancel Laws
Learn about the North Carolina Time Share Act, including contract disclosures, the right to cancel, and foreclosure procedures and protections.
The North Carolina Time Share Act governs timeshare transactions in North Carolina and provides protections to people who are purchasing timeshares in the state. Under the Act, purchasers have a right to cancel a timeshare contract and timeshare salespeople must be licensed real estate brokers. North Carolina law also states that timeshares are considered real property so if you don’t make your timeshare mortgage payments, the timeshare is subject to foreclosure, just like other types of real estate.
(Be sure to check out Nolo’s Buying or Selling a Timeshare and Timeshare Foreclosures topic areas where you can find information about selling or donating your timeshare, timeshare foreclosures, options to avoid a timeshare foreclosure, and consequences of a timeshare foreclosure.)
Cancelling a Timeshare in North Carolina
North Carolina provides five calendar days to cancel a timeshare agreement after you sign the contract. You may not waive the right of cancellation. Any oral or written declaration or instrument that purports to waive the right of cancellation is void (N.C. Gen. Stat. § 93A-45).
To cancel the contract, you must hand deliver or mail notice to the developer or the timeshare salesperson. If you cancel, the developer must refund your money immediately upon receiving the cancellation notice (N.C. Gen. Stat. § 93A-45). (Get more tips on how to cancel a timeshare contract.)
Timeshare developers in North Carolina must give purchasers a copy of the public offering statement. A public offering statement contains information about important matters to consider when buying a timeshare interest, including:
the total financial obligation of the purchaser (including the initial purchase price and any additional charges)
any person who has or may have the right to alter, amend, or add to the charges (and the terms and conditions under which such charges may be imposed)
the nature and duration of each agreement between the developer and the person managing the timeshare program or its facilities
the date of availability of each amenity and facility of the timeshare program when they are not completed at the time of sale of a timeshare
the specific term of the timeshare
the purchaser's right to cancel within five days of execution of the contract and how that right may be exercised
a statement that under North Carolina law an instrument conveying a timeshare must be recorded in the Register of Deeds Office to protect that interest
a one page cover containing a summary of the text of the statement, and
any other information that the North Carolina Real Estate Commission requires (N.C. Gen. Stat. § 93A-44).
The developer must provide the copy of the public offering statement to a prospective purchaser before transferring the timeshare and no later than the date of any contract of sale (N.C. Gen. Stat. § 93A-45).
Timeshare Sales Law
In North Carolina, developers of timeshare projects must register their projects with the North Carolina Real Estate Commission (N.C. Gen. Stat. § 93A-40).
All persons who sell timeshares in North Carolina must hold a real estate broker license issued by the North Carolina Real Estate Commission (N.C. Gen. Stat. § 93A-40).
Timeshare Foreclosure Procedure
If you take out a loan to purchase an interest in a deeded timeshare and fail to make your timeshare mortgage payments or keep up with the assessments, you will likely face foreclosure. (In addition to monthly mortgage payments, timeshare owners are ordinarily responsible for maintenance fees, special assessments, utilities, and taxes, collectively referred to as “assessments.” See Can Timeshares Be Foreclosed for Nonpayment of Fees and Assessments?)
In North Carolina, timeshares are deemed to be an interest in real estate and are governed by state laws relating to real estate (N.C. Gen. Stat. § 93A-42). Real estate foreclosures in North Carolina can be either judicial or nonjudicial. Most foreclosures in the state are nonjudicial, which means the lender does not have to go through state court to get one. (Learn more about how nonjudicial foreclosures work.)
To find the statutes that govern timeshare transactions in North Carolina, go to the North Carolina General Assembly webpage at www.ncleg.net and click on “NC Statutes Table of Contents.” Look in Chapter 93A (Real Estate License Law), Article 4 (Time Shares).