With all the timeshare fraud cases in recent years, it’s no surprise that timeshares are under fire. The bad press has helped expose a lot of scams and unethical practices. Whether you’re thinking about buying or selling a Timeshare, it can be hard to know what your rights are.
What are Florida Timeshare Cancellation Laws
A Florida timeshare cancellation, also known as a “cancellation,” is the termination of an existing timeshare contract. It is available to those who have purchased a timeshare through an independent sales organization (ISO).
To cancel your agreement, you must give notice at least 30 days before the end of the current calendar year. You must also provide your cancellation notice to any third party who was part of any legally binding agreements related to your purchase.
The time it takes to cancel depends on whether or not you have met specific requirements and whether or not certain laws in your state cover you. If you meet all the requirements and are protected under your state’s laws, it will take about 15 days for the cancellation process.
Who is Florida Timeshare Cancellation Laws
In Florida, you can cancel your timeshare purchase within three years for any reason and not be liable for any fees or charges. This is a great law that allows you to make sure that you want to buy the timeshare in the first place. It also gives you time to find out more about your purchase before it is too late.
If you have already bought a timeshare and would like to cancel your contract, you may still be able to do so under certain circumstances. The most common reasons why someone would want to cancel their contract include:
- They didn’t understand what they were buying when they purchased it.
- They no longer want the property or fear they will never use it because they already own another property elsewhere or live too far away from the resort where they purchased their timeshare.
- They believe that they have been tricked into buying something they don’t need or want
- They believe that there were unfair business practices used when selling them their timeshare (such as high-pressure sales tactics)
Examples of Florida Timeshare Cancellation Laws
Florida has many laws that protect consumers when they purchase goods and services. These laws are in place to ensure that consumers are not taken advantage of by businesses looking to make a quick buck. Many timeshare companies will try to make it difficult for buyers to cancel their contracts. However, there are laws in place that prevent this from happening.
Here are some examples of Florida Timeshare Cancellation Laws:
- The Florida Deceptive and Unfair Trade Practices Act (FDUTPA). This law protects consumers from deceptive and unfair practices by businesses. It is illegal for any seller or lessor to engage in any deceptive or misleading act or method that produces actual damages or potential damages to a consumer or seller. You can read more about the FDUTPA.
- The Federal Magnuson-Moss Warranty Act (FMWA). This law was passed in 1975 and prohibited manufacturers from voiding warranties based on how you use a product. The FMWA requires that all written warranties be available at no cost to the customer.
Where Can I Find More Information About Florida Timeshare Cancellation Laws
If you’re considering buying a timeshare, you must know many timeshare contracts have cancellation fees. These fees may be so high that they make the purchase unaffordable. The good news is that some Florida laws protect consumers from unfair cancellation fees and other practices.
Here are some things to consider when buying a timeshare:
- Is the contract fair? The federal Truth in Timesharing Act requires that all timeshare contracts contain certain information, including the total cost of ownership, the amount of any fees, and how long it will take to pay off any remaining debt after canceling. If a contract doesn’t contain this information or other violations of this law, you can cancel without paying a fee and get back all your money if you’ve spent at least 10% of the purchase price (less any cancellation fee).
- How much does it cost to cancel? Some states allow sellers to impose a “cancellation fee” – usually 10% or more of the purchase price – for any timeshare sold within 12 months after closing the transaction. In Florida, even though most contracts have cancellation fees, none can exceed $521 per person per week or $2.
Timeshare cancellation laws vary by state, but they tend to follow the rules promulgated by the Federal Trade Commission. If you are unable to secure a reason to cancel the contract, and you still do not wish to continue with your timeshare ownership, you may be able to receive what is called a “cancellation of purchase,” which will give you back any monies paid towards the sale of your timeshare property.