When purchasing a time share or points in Florida I understand there is a 10 day period after signing a contract to allow for rethinking the obligation and allow for cancellation.Am I correct on this, are these 10 days calendar days or business days, and does this law require the seller of the of the timeshare/points to close in 10 days or can they extend the grace period if they so choose.Thank you.
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Good afternoon. It's 10 calendar days, not business days. I have attached the applicable Florida statute below. The only thing governed by the 10 day calendar period is the right to cancel. The closing cannot take place before this 10 day period elapes, but the parties can agree to extend it further if they both agree.
721.10 Cancellation.-(1) A purchaser has the right to cancel the contract until midnight of the 10th calendar day following whichever of the following days occurs later:(a) The execution date; or(b) The day on which the purchaser received the last of all documents required to be provided to him or her, including the notice required by s. 721.07(2)(d)2., if applicable.
This right of cancellation may not be waived by any purchaser or by any other person on behalf of the purchaser. Furthermore, no closing may occur until the cancellation period of the timeshare purchaser has expired. Any attempt to obtain a waiver of the cancellation right of the timeshare purchaser, or to hold a closing prior to the expiration of the cancellation period, is unlawful and such closing is voidable at the option of the purchaser for a period of 1 year after the expiration of the cancellation period. However, nothing in this section precludes the execution of documents in advance of closing for delivery after expiration of the cancellation period.(2) Any notice of cancellation shall be considered given on the date postmarked if mailed, or when transmitted from the place of origin if telegraphed, so long as the notice is actually received by the developer or escrow agent. If given by means of a writing transmitted other than by mail or telegraph, the notice of cancellation shall be considered given at the time of delivery at the place of business of the developer.(3) In the event of a timely preclosing cancellation, the developer shall honor the right of any purchaser to cancel the contract which granted the timeshare purchaser rights in and to the plan. Upon such cancellation, the developer shall refund to the purchaser the total amount of all payments made by the purchaser under the contract, reduced by the proportion of any contract benefits the purchaser has actually received under the contract prior to the effective date of the cancellation, as required by s. 721.06. Such refund shall be made within 20 days of demand therefor by the purchaser or within 5 days after receipt of funds from the purchaser's cleared check, whichever is later.
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