Canceling a Timeshare Contract in California
The legislation written in California Business and Professions Code Section 11238 spell out the exact procedures that you must follow to legally rescind your timeshare contract.
Should you miss a deadline or mishandle the preparation of necessary documentation, your timeshare contract in California will hold fast, and all agreements you have entered into will be legally binding. The contents of the code are presented below in an easier to read fashion.
Anyone who has signed a sales contract to purchase a timeshare is allowed to rescind or void the contract on the very same day or within 7 calendar days after the individual attended a sales discussion for a timeshare, or any kind of right under an exchange program, made on the very same day or within 7 calendar days after the buyer attended a timeshare sales presentation for a timeshare property. The resulting contract will be voidable without penalty by the buyer within the aforementioned 7 calendar-day period, or within a longer duration if offered in the contract, after receiving the public documentation or after the purchase contract has been executed, whichever occurs later.
The timeshare contract of sale must include notation of the seven-day termination duration, and must include the name and address to which any kind of notification of cancellation should be delivered.
The official cancellation notice will be deemed timely if offered no later than twelve o’clock at night of the seventh calendar day following initial signing of the timeshare contract.
An individual that has actually made an offer to buy a timeshare property, associated benefit, or rights under an exchange program as described over has the right of cancellation granted by this section exercised by supplying written notice of the intent to cancel to the developer at the workplace as specified in the original timeshare investment contract.
If the notice of cancellation is by U.S. postal mail, a rebuttable assumption should already in in existence that notice was given on the date of postmark. If submitted by fax, the date of valid transmission receipt shall be considered the submission date. If the notice of cancellation is delivered by any means other than by telegraph or the U.S. Postal Service, the time of delivery at the workplace designated by the developer shall be considered the submittal date.
The exercise of the right of rescission of the timeshare property shall instantly rescind any sort of agreement for the purchase of an ancillary benefit or exchange program enrollment where the agreements in combination with the purchase of the timeshare.
Every timeshare developer should utilize and furnish each buyer with complete and exercised duplicate of the purchase agreement referring to the sale of a timeshare property. Each timeshare contract executed in the State of California shall contain all of the following information:
- The real day the agreement is implemented by each participant in the sale.
- The names and addresses of the developer and timeshare property.
- The purchase price figures and any kind of extra re-occurring or nonrecurring charges, or an estimate in good faith if the quantity of those fees could not then be established, that the purchaser will be called for to pay in connection with the acquisition of the timeshare consisting of, yet not limited to, the current year’s analysis for typical costs and financing costs.
- The estimated date of completion of building of each lodging assured to be finished, which is not finished at the time the contract is executed.
- Description of the nature and period of the timeshare interest being marketed, what (if any) type of real property is involved in the sale.
- The specified number of years and/or exact term of the timeshare plan.
- Directly before the purchaser’s signature area on the contract, the property developer must include the cancellation verbiage as follows:You may cancel this contract without any penalty or obligation within seven calendar days of receipt of the public report or after the date you sign this contract, whichever date is later. If you decide to cancel this contract, you must notify the developer in writing of your intent to cancel. Your notice of cancellation shall be effective upon the date sent and shall be sent to (name of developer) at (address of developer). Your notice of cancellation may also be sent by facsimile to (facsimile number of the developer) or by hand-delivery. Any attempt to obtain a waiver of your cancellation right is void and of no effect.
- The investment deal for a timeshare in a solitary site or specific timeshare interest multisite timeshare without accommodations in the State of California should include the following notice in bold type: The accommodations of this time-share plan are located outside of California. As such, the management (including all matters relating to the association, the association budget, and any management contract) of this time-share plan is not governed by California law, but by the applicable law, if any, of the jurisdiction in which the accommodations are located as stated in the public report. You should review the governing documents related to the association, the association’s budget, and the management of the time-share plan.
If the timeshare purchaser seeks rescission in the manner prescribed in this document, and a court finds the timeshare developer rejected the rescission in infraction of this section, the court could also honor reasonable legal representatives’ costs and charges to the buyer.
Following the rules and regulations as outlined in the California Business and Professions Code Section 11238 will facilitate the legal and binding manner of canceling a timeshare contract in California.
Too Late to Cancel a Timeshare in California?
If canceling a timeshare contract in California is no longer an option for you according to the Timeshare Laws of California, call us now for a Free Consultation. Redemption and Release, LLC can make your California 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 California.