Canceling a Timeshare Contract in Nevada
Canceling a timeshare contract in Nevada is possible, as long as correct measures are taken and deadlines are adhered to. Have you purchased a timeshare property in the state of Nevada and you’re now having regrets or buyer’s remorse?
Perhaps you enjoyed your timeshare at one point but have had a change in life situation making use of your timeshare weeks no longer feasible.
Worse yet, perhaps you can no longer pay your timeshare fees and you’re scrambling for a way out of your timeshare financial obligations.
If this is the case, getting clear on the Nevada timeshare laws that are in place to protect you is important to understand how to proceed.
Questions about canceling a timeshare contract in Nevada you may have include:
- Exactly how do I cancel a timeshare contract in the state of Nevada?
- Are there any disclosures required by Nevada law prior to timeshare investment?
- What laws have been put in place for the protection of the consumer in a timeshare sale transaction?
- What timeshare resale laws have been passed to protect buyers and sellers?
- What judicial or non-judicial timeshare foreclosure laws will I be subjected to if I quit making my timeshare payments in Nevada
The state of Nevada has executed a comprehensive package of legislation covering timeshare deals. Keep reading to learn about the most vital features of Nevada timeshare law.
How Long do I Have to Cancel a Timeshare Contract in Nevada?
According to Nevada law (Nev. Â§ 119A.410(1)), a timeshare buyer may cancel, by written notification, the contract of sale for a timeshare investment up until midnight of the 5th calendar-day following the date the contract was signed.
How do I cancel a timeshare purchase in Nevada?
According to Nevada law (Nev. Rev. Stat. § 119A.410(3)), the written notification of termination may be personally delivered to the timeshare seller or developer. The notification of timeshare cancellation letter may also be sent by certified mail with return receipt requested to the developer’s official business address.
Following the receipt of your cancellation notification, the timeshare developer is required to return all funds to you within a window of 15 days of the notice of cancellation (Nev. Rev. Stat. § 119A.410(4)).
In the case that the timeshare developer tries to procure a waiver, the timeshare buyer might invalidate the contract (Nev. Rev. Stat. § 119A.410(2)).
Statement of Public Offering – Before you complete the purchase, the timeshare seller is required to supply you with a copy of the public offering statement. This statement must include a timeshare seller’s permit (Nev. Rev. Stat. Â§ 119A.400( 1)). The timeshare sales agent/broker is obligated to examine the public offering statement thoroughly with each buyer prior to the contract signing. The broker must also get a signed receipt from the timeshare buyer stating that he/she was supplied with the public offering statement (Nev. Rev. Stat. Â§ 119A.400(2)).
Prohibition of Deceitful Practices.
Nevada legislation bans developers or salespeople of timeshares from any deceptive behavior or misleading verbiage to potential timeshare buyers or unjust acts in a timeshare transaction. The following acts, to name a few, comprise deceptive practices under this legislation:
- Failure to divulge any facts or details regarding a timeshare or misrepresentation thereof.
- Inclusion of any provision in a timeshare contract that professes to waive rights or benefits offered to buyers in the timeshare arrangement.
- Acceptance or requirement of payments by a prospective buyer before the purchaser has actually been presented with a statement of public offering.
- Misrepresentation of the period of time the timeshare property will be available to the timeshare buyer.
- Misstating the specs of the timeshare unit including square footage, quality and amenities associated with the property.
- Misrepresentation of the stipulations of exchange of usage rights to a timeshare of a specific location for those of another timeshare in a different location.
- Failure to admit upfront that food, entertainment and other influencing factors offered to induce the sale of a timeshare are for marketing purposes.
- The running of a contest, game or lottery involving prizes and gifts for the purpose of encouraging potential buyers to visit a resort or timeshare property, sit in on a presentation where timeshares will be promoted without Nevada Real Estate Division approval prior to the event.
Nevada Timeshare Resale Protection Laws
Timeshare owners could discover it exceptionally challenging to sell timeshares since there is essentially no resale market for them. Therefore, scammers have turned up that will incorrectly tell owners of timeshares that they have an interested buyer for their timeshare, then instructs the owner that he or she needs to pay a large sum of money in advance to facilitate the sale. After the timeshare owner pays the costs, scam runner typically vanishes or the “buyer” never comes through.
Nevada timeshare law protects customers from this kind of resale fraud with the following safeguards:
- Anyone who plans to advertise a timeshare for resale must obtain a Nevada real estate license and be registered as a timeshare resale agent with the Nevada Real Estate Division (Nev. Rev. Stat. Â§ 119A.4771).
- Fees paid upfront need to be held in an escrow account. A timeshare resale broker who bills or receives a fee in advance has to place 8o% of it into a trust account. Should the timeshare listing expire prior to the closing of escrow on the resale of the timeshare, the money that is held in trust must be returned within 10 days of the expiration date of the listing (Nev. Rev. Stat. Â§ 119A.4779). Remember, that if your timeshare is not sold, the is allowed to retain 20% of the fee.
- Agreement in writing is required for timeshare resale with adherence to disclosures including: Whether anyone besides the purchaser may utilize the timeshare throughout the duration before the timeshare is resold.
- Whether anyone other than the buyer may lease the use of the timeshare throughout the duration before the timeshare is resold. Name of anyone who will receive rent or earnings generated from use of the timeshare in the period before the timeshare is resold. A comprehensive explanation of relationship of the person who is reselling the timeshare to any person receiving benefits from the use of it. (Nev. Rev. Stat. Â§ 119A.4777).
Procedure for Timeshare Foreclosure in Nevada
Any loans taken out for the purchase of an interest in a deeded timeshare and resultant failure to pay mortgage payments on the timeshare and stay current on assessments will likely result in foreclosure. Timeshare foreclosures in Nevada are nonjudicial, meaning the repossession occurs without being overseen by a court of law.
Too Late to Cancel a Timeshare in Nevada?
If canceling a timeshare contract in Nevada is no longer an option for you according to the Timeshare Laws of Nevada, call us now for a Free Consultation. Redemption and Release, LLC can make your Nevada timeshare cancellation exit strategy simple and cost-effective. Contact us today at 1-888-743-9051 or use our Online Contact Form to request free, no-obligation information about canceling a timeshare contract in Nevada.