Need help rescinding

[rod Member Find all posts View Profile Close rod]

I was looking thru my papers and I can't seem to find anything about rescinding? Is this something they usually leave out of all your papers?

You do not say where you purchased your timeshare, so I will just again quote excerpts from the Wisconsin law about this. Most states have laws along the same lines as this, although the particulars may vary by quite a bit.

707.41 Time-share disclosure statement.

707.41(1)
(1) Preparation of statement.

707.41(1)(a)
(a) Except as provided in par. (b), a developer, before offering an interest in a time-share unit, shall prepare a time-share disclosure statement conforming to the requirements of this section and, if applicable, ss. 707.42 to 707.45.

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707.41(2)
(2) Delivery of statement; single statement.

707.41(2)(a)
(a) A developer or other person in the business of selling real estate who offers a time share for the person's own account to a purchaser shall deliver a time-share disclosure statement to a prospective purchaser in the manner prescribed in s. 707.47 (1).

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707.41(4)
(4) Contents of statement. A time-share disclosure statement shall contain or fully and accurately disclose all of the following:

707.41(4)(a)
(a) A cover sheet bearing the title "Time-Share Disclosure Statement" and the name and principal business address of the developer and the developer's agent, if any, the name and location of the time-share property and the following 3 statements in boldface type or capital letters no smaller than the largest type on the page:

707.41(4)(a)1.
1. THESE ARE THE LEGAL DOCUMENTS COVERING YOUR RIGHTS AND RESPONSIBILITIES AS A TIME-SHARE OWNER. IF YOU DO NOT UNDERSTAND ANY PROVISIONS CONTAINED IN THEM, YOU SHOULD OBTAIN PROFESSIONAL ADVICE.

707.41(4)(a)2.
2. THESE DISCLOSURE MATERIALS GIVEN TO YOU AS REQUIRED BY LAW MAY BE RELIED UPON AS CORRECT AND BINDING. ORAL STATEMENTS MAY NOT BE LEGALLY BINDING.

707.41(4)(a)3.
3. YOU MAY CANCEL IN WRITING ANY CONTRACT FOR THE PURCHASE OF A TIME SHARE, WITHOUT ANY PENALTY OR OBLIGATION, WITHIN 5 BUSINESS DAYS FROM THE DATE YOU SIGN THE CONTRACT OR UNTIL 5 BUSINESS DAYS AFTER YOU RECEIVE THE TIME-SHARE DISCLOSURE STATEMENT, WHICHEVER IS LATER. IF YOU SO CANCEL THE CONTRACT, YOU ARE ENTITLED TO RECEIVE A FULL REFUND OF ANY DEPOSITS MADE, EXCEPT, IF YOU HAVE USED OR OCCUPIED THE TIME-SHARE PROPERTY FOR MORE THAN 12 HOURS, THE MANAGING ENTITY OR CAMPGROUND OPERATOR MAY SUBTRACT FROM DEPOSITS MADE A REASONABLE CHARGE TO COVER THE LENGTH OF STAY PLUS THE COST FOR DAMAGES TO THE TIME-SHARE PROPERTY DIRECTLY ATTRIBUTABLE TO YOU OR ANY MEMBER OF YOUR PARTY.

707.41(4)(b)
(b) A general description of the time-share property and the time-share units, including the number of units in the time-share property and in any project of which it is a part, and the schedule of commencement and completion of all promised improvements as described in the time-share instrument, promotional materials, advertising and the time-share disclosure statements.

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[Thirsty Senior Member Find all posts View Profile Close Thirsty]

Thank you for your information about Wis. laws dealing with timeshares. I sent a certified return receipt requested rescission letter to Bluegreen corporate office last Wednesday. I am going to call Monday to see if they have received the letter. I will post an update.

Mike

[Thirsty Senior Member Find all posts View Profile Close Thirsty]

The rescission or cancellation what ever it is called has been successful. If not for this board and its members I would not have been able to get this contract rescinded. You guys saved me several thousands of dollars!!! Thanks to all. I don’t know if the question of how to rescind is a sticky but maybe it should be. It is just a thought.

I don’t know if rescinding a contract is a simple process but for a newbie it is a learning experience.

1. Save all voice messages
2. Talk to as many people as possible in the contract department. Tell them that you want to cancel or leave a voice message and document.
3. Send letters to BG Corporate office and the sales office you purchased it.
4. Don’t rely on any help from your sales person.
5. Be persistence it appears it could be a waiting game.
6. Document names and dates of people you talk to.

If you would like to know more about the particulars in my case I would be glad to post them.

Thanks again to all,
Mike

[bigfrank Administrator Find all posts View Profile Close bigfrank]

This is great news. Glad that we were able to help out.