Help with Rescinding

[activia Junior Member Find all posts View Profile Close activia]

I am trying to Recind the timeshare that I bought at the Berkshire Vacation Villiage yesterday (Sunday) via a developer. I could use some help decifering all this to make sure that I am doing exactly the right thing.

I received the public offering statement after signing the agreement yesterday.

This is exactly what the cancellation intructions say:

Within three (3) business days after your receipt of the Public Offering Statement, you man cancel the Purchase agreement that you signed. If you received the Public Offering Statement more than three (3) business days before the date of signing the PUrchase Agreement, you cannot cancel for failure to receive the Public Offering Statement. If you elect to cancel your Purchase Agreement, you may do so by hand delivering written notice thereof to the Developer, Patriot Resorts Corporation, at 3015 North Ocean Boulevard, Suite 121, Ford Lauderdale, Florida 33308 or to its agent for service of process; by mailing notice thereof to the Developer at the address stated above, or to his agent for service of process, by registered mail, return receipt requested, or by telegram or by courier service with guaranteed next day delivery. Notice shall be deemed given on the date of postmark or, if by telegram or courier service, on the date when transmitted from the place of origin. Cancellation shall be without penalty and all payments made by you before cancellation shall be refunded immediately if your deposit check shall not have been deposited in the Developer's bank account or, if it had been so deposited, within seven (7) days afer receipt of the notice of cancellation, but in no evet prior to the first business day following the date on which the amount of the deposit is finally and unconditionally credited to the Developer's account or, if payment was made by credit card, such refund shall be made by immediate issuance of a credit to your credit card account.

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Which means that I have to mail a piece of paper saying "I want to cancel the purchase agreement"? and signed to either the developer at: Patriot Resorts Corporation, at 3015 North Ocean Boulevard, Suite 121, Ford Lauderdale, Florida 33308 or find the address for Vacation Villiage of Berkshire? I guess I will just sent to the developer in Florida via certified mail with return receipt.

Does anyone else have things I should add or did I misunderstand something? Should I include anything else in this letter? Does anyone have an example of one of these letters. Should I send overnight or priority or standard first class mail?

Thanks in Advance,
Activia

[Glitter Brunello Super Moderator Find all posts View Profile Close Glitter Brunello]

The language says registered mail, return receipt requested NOT certified mail.

You should send it to the Florida address and send a copy to VV address in Hancock.

The letter should state that you are cancelling the Purchase Agreement with ____________ (Patriot Resorts Corporation?), dated __________, for the purchase of timeshare interval _____(week #) at Vacation Village in the Berkshires, and that such cancellation is pursuant to Section _(#)_____ of the Agreement.

Oh, tell them where to return your payment (though I presume you've stopped the check today, right?)

If anyone has any other ideas, please chime in, I've never written one of these...

[activia Junior Member Find all posts View Profile Close activia]

Thanks Glitter!

Is notory needed on this letter, or is just a signature needed? Should I send overnight, priority or just first class. Of course registered mail with return receipt requested.

It says that "Notice shall be deemed given on the date of postmark." I'm assuming that means that the 3 business days means that it has to be postmarked within those 3 business days and doesn't matter when it actually gets there.

Thanks again in advance,
Activia

[Glitter Brunello Super Moderator Find all posts View Profile Close Glitter Brunello]

Well, Fedex (or other courier company) overnight should cover the courier requirement, if it's overnight. I'd probably do that, and add a registered letter w/return receipt for good measure (first class). Get them both out tomorrow, but yes, technically you have until the third day to have the registered letter postmarked, or received by Fedex from you if go the courier route.

[Sydney Contributor - Bronze Find all posts View Profile Close Sydney]

I'm assuming that if both you and your boyfriend signed the sale contract that you'll both need to sign the rescission letter?

[activia Junior Member Find all posts View Profile Close activia]

It's a little more complicated. I didn't have my license so I couldn't sign. He signed everything but I gave the deposit and was suppose to send them a copy of my license for that and an ammendmenet to the deed. He was also suppose to send them a voided check today (which of course he didn't do). They said that all this needed to be done to complete everything, but I think this is not the case. As you can see we were really not prepared to do that, but with them saying the price would more then double after that day and that it was a good deal because it was during preconstructrion we did it anyway.

We got too excited over the thought of being able to see the world affordably. The sales pitch did the job of turning me from a skeptic and thinking it was completly unfordable to excited and thinking it was affordable and it would work really well. Especially since my first experience was not nearly as nice, cheap, and as good as a program as this one.

Anyway, I think we should both sign it, him first.

[taffy19 Gold Contributor Find all posts View Profile Close taffy19]

You don't need a notary but you have to have it postmarked before the deadline date and registered too as Avery wrote you earlier, if you do it by mail but FedEx may be faster. I would do both to be sure. You need to do it fast!!!

If two of you signed the original papers, then two will have to sign again to rescind the contract! Do it quick.

They will call you most likely and try you to change your mind. They may even offer you some very nice incentives too. Read the forums and educate yourself. Deals at the same resort will be available later too. Good luck. We were dumb enough to buy from developers before we read these forums.

[Sydney Contributor - Bronze Find all posts View Profile Close Sydney]

Anyway, I think we should both sign it, him first.

Good idea, especially since it sounds like he actually bought it, even though you paid.

[activia Junior Member Find all posts View Profile Close activia]

I added this sentence:

In addition, [name] would also like to recant the deposit given for this purchase agreement which she is entitled to as stated in the purchase agreement as part of the purchaser’s nonwaivable right to cancel.

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

Okay, all sounds good. Get the letters out TODAY and save the printouts from the post office and FedEx that show you sent them today. You will get the green return-receipt cards back in a couple of days and then of course you need to save them in a safe place.

[activia Junior Member Find all posts View Profile Close activia]

Update -

The letter has been sent via registered mail w/return receipt to both addresses. PO tried to convince me I only needed certified but I insisted on registered. I filed the receipts and a copy of the signed letter with all my paper work. I will still send via fedex.

I slept really good last night knowing the information I knew and having everything put together ready to go out. Thank all of you so much for your help. I am excited about talking to all of you in the future about how I should go about buying and using a timeshare the right way.

I may even buy a timeshare from vacation village but off the resale market and most likely during a summer week. Lots to think about..lots out there..


- Activia *newbie*

Grr at those lying deceiving sales people . The closer did call my bf today asking about the voided check so they can setup the mortgage. ha ha, he just said that we were working on it.

[Sydney Contributor - Bronze Find all posts View Profile Close Sydney]

Glad you found this site in time. That's what the site's for and I know you'll get lots of help with choosing the right timeshare for you at the right price.

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

The letter has been sent via registered mail w/return receipt to both addresses. PO tried to convince me I only needed certified but I insisted on registered. I filed the receipts and a copy of the signed letter with all my paper work. I will still send via fedex.

You were right to send it Registered, since that is what your instructions said. However, most states require rescission notices to be sent Certified Mail. There is a difference in how the mail is handled between the two. Registered mail is usually used for high value items, as you can insure a Registered item. Requiring it to be mailed via Registered Mail is overkill. Both provide proof of delivery.

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

You were right to send it Registered, since that is what your instructions said. However, most states require rescission notices to be sent Certified Mail. There is a difference in how the mail is handled between the two. Registered mail is usually used for high value items, as you can insure a Registered item. Requiring it to be mailed via Registered Mail is overkill. Both provide proof of delivery.

No matter. It may be the best $5 (or so) she ever spent.

[activia Junior Member Find all posts View Profile Close activia]

Just another update here -
I received the green receipt back saying that they received it on the 10th at the berkshire village. We still haven't received a phone call from them. I'm thinking it still hasn't made it to the right people.

I was looking on TUG earlier today and saw a timeshare, same type of red week (week 1), same resort, EOY, for $3995 with a locked in maintenance fee of $395 which is about $50 less then what we had initially. All condo's there are the same, 2 bedroom lockout. I'm thinking they must have purchased it during the first round of pre-construction. To think we almost paid 3 times that "asking price" for no reason. I could put an offer in for 3K and pay cash, that would have been the amount of interest that we would have paid on our timeshare purchase and not much higher then the initial deposit. I'm still looking at other resorts in the area. I do like the resort and could see us using it, and the fees seem much lower then most right now, but if the trading power isn't good enough then forget it.

I'm still researching and trying to figure out a good vacation for this year. We have a free 2 day cruise from ft. lauderdale to the bahamas as a prize for going to the presentation. I'm looking to stretch out that vacation to a full week at least. So either we'll stay somewhere in southern florida or fly somewhere else (we'd still save at least 1 flight).