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Real McCoy property law
Real McCoy property law, Lawyer
Category: Real Estate Law
Satisfied Customers: 307
Experience:  Licensed attorney and real estate agent with over 18 years of experience
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I signed contract with Wyndham Vacation Resorts during timeshare

Customer Question

I signed contract with Wyndham Vacation Resorts during timeshare program in Las Vegas on 28th May this year. I know I made the mistake. I have to pay initial 4000$ within 6 months of my signin conctract (and then the rest of the installments). But I want to cancel my contract as I have not used their services at all. What should be my next steps?
Submitted: 6 years ago.
Category: Real Estate Law
Expert:  Real McCoy property law replied 6 years ago.
Your next step is to review the contract that you signed. You may be past your time to cancel the contract, however the contract will contain a remedy clause. This is the clause that you need to review. Most likely, if you fail to make your installments, the seller (Wyndham) will be able to do one of two things - 1. keep your deposit of $4,000; or 2. force you to purchase. Based on your question, it appears that you have not yet closed on the property, because you have not closed, Wyndham is still the owner. Review your contract, in particular, the remedy clause and you will be able to make a decision on how to proceed.
Customer: replied 6 years ago.

Thanks for the quick reply.

Can I review the contract and then get back to you and pay you tomorow, not the initial amount, but I will pay little extra there is some remedy clause?

Customer: replied 6 years ago.
Also how can I contact you back?
Customer: replied 6 years ago.

Also to add to this, they said they will keep the deposit and will say to credit beaurau about me missing the payment. How much would that affect my credit history or how much it would affect me?

Expert:  Real McCoy property law replied 6 years ago.
It will ding your credit. I cannot give you an exact number. If the amount is only a few thousand dollars, I do not believe the ding will be too severe.
Customer: replied 6 years ago.

Here are the points on contract:

a. Receipt: Owner has received an exact copy of this agreement and any other documents signed with this agreement with all blank filled in.
b. This contract is to be construed according to the laws of Nevada and specially chapter 119A of NRS.
c. The purchaser of a timeshare, may cancel by written notice, the contract of sale until midnight of 5th calender day after the date of execution of contract.
d. The right of cancellation cannot be waived. Any attempt by the developer to obtain a waiver results in a contract which is voidable by the purchaser.
e. Notice of cancellation may be delivered personally to the developer or sent by certified mail or telegraph to the business address of the developer.
f. The developer shall within 15 days after receipt of the notice of cancellation return all payments made by the purchaser.

 

How can this help?

Customer: replied 6 years ago.

I should have asked, is there anything in contract I can use?

Expert:  Real McCoy property law replied 6 years ago.

Unfortunately, it cannot help unless you are within the cancellaton period of five days.

 

You may want to contact your local legal aid and have them review the contract for another way out of the contract. The time share contracts are drafted by Wyndam's own lawyers and they will be difficult to cancel without penalty.

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