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dkennedy
dkennedy, Lawyer
Category: Real Estate Law
Satisfied Customers: 6009
Experience:  15 yrs legal experience; Owns rentals
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What are the Buyers Remorse laws for real estate purchases

Customer Question

What are the Buyers Remorse laws for real estate purchases in Tennessee? Thank you
Submitted: 5 years ago.
Category: Real Estate Law
Expert:  dkennedy replied 5 years ago.

dkennedy :

Hello, Can you give me a few more details? You bought a property and no longer want to close on it?

Customer: We bought a timeshare Wed. Do we have any way to stop the deal?
dkennedy :

I cannot find any laws in Tennessee which allow you to get out of the purchase. I am going to opt out of this question, to allow another expert to take a look and possibly have more information than I could find.

dkennedy, Lawyer
Category: Real Estate Law
Satisfied Customers: 6009
Experience: 15 yrs legal experience; Owns rentals
dkennedy and other Real Estate Law Specialists are ready to help you
Expert:  N Cal Attorney replied 5 years ago.
The appears to be a right to rescind a time share purchase within 10 days, see
http://www.state.tn.us/sos/rules/1260/1260-06.pdf
which states:

RULES OF TENNESSEE REAL ESTATE COMMISSION

1260-6-.04 DISCLOSURE OF RESCISSION RIGHTS. The following statement shall appear in boldface and conspicuous type in:
(1) Every public offering statement; and
(2) Every contract for the sale of a timeshare interval, immediately above the space reserved for the signature of the purchaser.
“You May Cancel A Contract To Purchase A Time-Share Interval Within Ten (10) Days From The Date Of
The Contract, Where You Have Made An On-Site Inspection Of The Time-share Project Before Signing The
Contract, And, If You Have Not Made Such An Inspection, Within Fifteen (15) Days From The Date Of The
Contract. If You Elect To Cancel, You May Do So By Hand Delivering Notice To The Seller Within The
Designated Period, Or By Mailing Notice To The Seller (Or His Agent For Service Of Process) By Prepaid
United States Mail Postmarked Anytime Within The Designated Period.”

I hope this information is helpful.

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