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Law Pro
Law Pro, Lawyer
Category: Real Estate Law
Satisfied Customers: 24870
Experience:  20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
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we signed a contract on a timeshare yesterday. We realize it

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we signed a contract on a timeshare yesterday. We realize it was a bad deal so we're going to cancel the contract(we have ten days). The question is, should we put a stop payment on the deposit? Would that be like writing a bad check?
Hi! My name is XXXXX XXXXX I'll be the attorney assisting you.

No, that's not at all like writing a "bad check" - it's a "stop payment".

Absolutely you should place a "stop payment" if you want to cancel the contract.

Notice them pursuant to the contract that you want to cancel - BUT, as insurance or security, stop payment on the check.

A "bad check" is one that was presented to the bank and wasn't honored because there was insufficient funds to pay the check.

A "stop payment" is a check that you didn't want to pay - totally and completely different.


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