Florida Timeshare Cancellation Laws
Purchasing a timeshare is a big decision and it’s important to understand what protections are afforded to you by the law. Being the vacation destination it is, it’s no surprise Florida is home to more timeshares than any other state. Thankfully, Florida has many consumer protection laws on the book to protect purchasers, including the Florida Vacation Plan and Timesharing Act. If you are a victim of fraud, misrepresentation, or high-pressure sales tactics, our teams’ experience with Florida law allows us to cancel your timeshare contract legally and permanently without negatively impacting your credit.
If you have purchased or are getting ready to purchase a timeshare in Florida, you need to at least know the answers to the following questions:
- What is the timeshare cancellation period in Florida?
- What kind of laws does Florida have for timeshare purchasers?
- What happens if I stop making my timeshare mortgage payments?
- What happens if I do not pay my maintenance or assessment fees?
- How do I get out of a timeshare purchase in Florida?
Florida Timeshare Cancellation Period
When you buy a timeshare there is a timeframe in which you may easily cancel the purchase known as the cancellation period or the rescission period. The timeshare cancellation period in Florida is 10 calendar days from either the date you signed the contract or the date you received all documents required to be provided to you by law (including the Public Offering Statement), whichever is later. While Florida does have a lengthy cancellation period, it is very important to note that the law is based on calendar days, not business days. This right to cancel may not be waived.
Cancelling the purchase is done by notifying the seller in writing and sending this request by mail. The notice of cancellation is considered given on the date it is postmarked, so long as the letter is actually received by the timeshare company or escrow agent. We do recommend that you send your notice of cancellation via certified mail so that you have proof. Once the timeshare company receives your notice of cancellation they have 20 days to honor your refund, or until 5 days after your check clears, whichever is later.
If you are still within the cancellation period, don’t waste any more time! Right now it’s as easy as sending the company a letter. So, if you are having regrets, don’t let this opportunity pass.
If the cancellation period has already passed, our team is standing by ready to help. Grab your timeshare paperwork and call or click now to get your questions answered and schedule a free consultation.
Fraud & Misrepresentation in Florida
Florida law explicitly prohibits many types of misrepresentations made by salespeople and advertising material. Even though these tactics are forbidden by law, as many of our clients have experienced, the salespeople still do sometimes disregard the law to make a quick buck. If you think you may be a victim of this kind of fraudulent misrepresentation don’t feel bad – it’s not because you are ‘stupid’ or ‘gullible.’ These sales people are master manipulators and will play on your emotions, not appeal to your senses.
Sellers are prohibited from from making any written or oral statement that shall:
These specific provisions regarding timeshare sales combined with Florida’s other consumer protections are key to our strategy. As we can see, Florida timeshare law is very clear when it comes to misrepresentations of the facts. If you think that you might be a victim of misrepresentation our team is ready to get you out. Grab your timeshare paperwork and give us a call for your free consultation. The law, and our team of experts & attorneys, are on your side.
Florida Timeshare Foreclosures
Typically, timeshare purchases in Florida are financed through a mortgage on the ownership. Failure to make your timeshare mortgage payments will result in a foreclosure. Failure to pay maintenance fees, special assessments, or ad valorem taxes may also result in foreclosure; though in our experience timeshare companies are more interested in hounding owners for outstanding maintenance fees rather than foreclosing, though they will foreclose eventually.
In Florida, foreclosures on timeshare mortgages are nonjudicial and owners cannot be help liable for a deficiency judgement, so long as you do not challenge the nonjudicial foreclosure. If you choose to challenge the nonjudicial foreclosure, you may be held liable for any difference between the foreclosure sale price and what you still owe.
Florida Timeshare Resale Laws
While it can be possible to sell a paid-off timeshare, the resale market is practically nonexistent. You’re better off trying to find somebody to give it away to! Because of this, and because many people are desperate to get out of their timeshare, scams are rampant. Commonly, these scam-artist get lists of thousands of potential timeshare owners and call them with too good to be true offers, sometimes even claiming to have a buyer already lined up — only to take their money with upfront fees and run. Florida law does prohibit this behavior, but of course it can’t exactly prevent it.
Timeshare resellers are required by law to be licensed real estate brokers, however scammers have been known to use fake licenses or attempt to impersonate actual licensed brokers. The reseller is also required to provide you with a description of all costs or fees to be paid by you or anyone else to the resale company or any other third party, and a description of when those fees are due.
In the course of offering resale advertising services, a resale advertiser may not:
While the Sunshine State does clearly have quite a lot of regulations regarding resales, these kinds of scams do still happen. Unfortunately, quite a lot of our clients had fallen victim to these tactics before finding real help. The safest bet is to just steer clear of the whole mess.
“The 2020 Statutes Chapter 721 Florida Vacation Plan and Timesharing Act.” Online Sunshine, The Florida Legislature (leg.state.fl.us)
Florida Attorney General – How to Protect Yourself: Timeshare Sales & Resales (myfloridalegal.com)
Loftsgordon, Amy. “Florida Timeshare Foreclosure and Right to Cancel Laws.” Nolo, 21 Feb. 2020 (nolo.com)
Timeshare Mortgage Cancellation
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