As part of a timeshare marketing strategy, it is hard not to be bedazzled with sensational Florida vacation packages including three-bedroom condominium suites for just $50 per night. The catch is that you must be willing to attend a timeshare sales presentation. Being so close to Disneyland, the offer can be tempting and before you know it you could find yourself signing a timeshare contract. Once the magic of the vacation is over, you realize you now have a monthly bill that you cannot afford. Thankfully, Florida's timeshare cancellation laws may protect you.
The Florida Vacation Plan and Timeshare Act
The Florida Vacation Plan and Timeshare Act governs the cancellation of timeshare purchases. Under the Act a purchaser can cancel the contract until midnight of the 10th day on the calendar from either when the date the contract was signed, or the day the purchaser received the complete document package, whichever occurred later.
Contract Cancellation Laws
Under the Florida Vacation Plan and Timeshare Act, only purchasers themselves can cancel the contract. The contract cannot be closed until the cancellation period of the timeshare purchaser has expired. If a closing is made prior to the expiration date of the cancellation period it is voidable by the purchaser for one year after the cancellation period expires. It is also unlawful for the timeshare seller to attempt to waive the cancellation rights of the timeshare purchaser.
The Process for Cancellation of a Contract
To cancel a contract under the Florida Vacation Plan and Timeshare Act, you must notify the seller in writing of your intent to cancel, showing the name and address of the seller in the letter. Your letter as a notice of cancellation becomes effective upon the date sent. The actual closing refers to the delivery of the deed document and is prohibited before the allowable cancellation term.
Getting a Refund
As a purchaser, if you do cancel your Florida timeshare contract within the allowable period, the developer must refund your payments in full, less any contract benefits you received prior to the cancellation. The refund must be provided either within 20 days after the seller receives the notice of cancellation or within five days after the purchaser's check clears, whichever is later.