Protecting yourself from timeshare debt and scams is often a matter of having the right knowledge. And in the case of timeshares in Florida, this means having a basic understanding of Florida timeshare law. While a timeshare cancellation lawyer in Florida can go over the intricacies of these laws and provide some free legal advice, you might also want to know the basics of public offering statements, timeshare cancellation laws, and resale protection laws.
Public Offering Statement
Before you officially purchase a timeshare, the company is required to give you a public offering statement. This document should include a detailed description of the timeshare plan, the duration of the plan, details about accommodations, whether the purchaser will take on any property interest, and a breakdown of expenses. If you purchased a timeshare and these elements were not presented to you, go over the situation with your lawyer.
Timeshare Cancellation Laws
These laws are of particular interest to those who have purchased a timeshare and are interested in getting out of it. The timeshare industry has a 15% rescission rate. This means that for every $10 billion the industry makes in annual sales, they will lose $1.5 billion. You have the following rights when it comes to canceling your timeshare:
- Timeshare buyers have the right to cancel their timeshare up to 10 days after they signed a contract or received a letter with all of the required documents.
- To cancel this contract, the buyer must contact the seller in writing. Then, the timeshare company must refund you within 20 days after they receive this timeshare rescission letter or within five days after they receive your payment.
If you are not sure whether you have the right to cancel, contact a lawyer for some preliminary free legal advice.
Resale Protection Laws
Unfortunately, timeshare resale scams are quite common in the timeshare industry. These scammers are not affiliated with a legitimate timeshare company. Rather, they trick desperate owners into selling them their timeshares, but they ask for fees upwards of hundreds of thousands of dollars.
Fortunately, to protect buyers, timeshare resale advertisers are prohibited from saying that there is a potential buyer lined up without providing the contact information of this person. They also must provide a written contract before collecting fees greater than $75. These advertisers are also held to the 10 day cancellation policy. If they do violate any of these laws, they could be fined up to $15,000 per violation, according to Nolo.
By staying aware of your timeshare cancellation rights, you can protect yourself from any scams and harmful practices. If you feel that you have been taken advantage of as a timeshare buyer, contact an attorney for free legal advice. They can help advise you on next steps.