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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 36608
Experience:  16 years real estate, Realtor. Landlord 26 years
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We signed a contract last night to buy a timeshare. We

Customer Question

We signed a contract last night to buy a timeshare. We thought we could sell it if we no longer needed it. In reading the papers it says you can sell but the new buyer would have ti repurchase the membership from the developer. we did not know this. we want out of the contract. We are in the state of Virginia.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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If you are wanting to cancel the contract, then legally you have that right by law. In the paperwork you received, there should be a written form that explains your cancellation rights and where you need to send any notice to.

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As a matter of law, in VA, you have until midnight of the seventh calendar day after signing the contract. If the seventh calendar day falls on a Sunday or a legal holiday, then the right to cancel the contract expires on the day immediately following that Sunday or legal holiday (Va. Code Ann. § 55-376(A)).

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You can cancel the contract by either hand-delivering the cancellation notice to the developer at its principal office or at the project (the resort), or mailing the cancellation notice by certified United States mail, return receipt requested, to the developer or its agent designated in the contract. The notice is considered effective as of the date postmarked (Va. Code Ann. § 55-376(B)).

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If you cancel, the developer cannot charge a penalty and must refund all of the money you paid within 45 days after receiving your notice of cancellation (Va. Code Ann. § 55-376(A)).

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So you are fine and have plenty of time to cancel and obtain a refund..

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thanks

Barrister

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