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Rescission Period

Discuss anything to do with property law - buying, selling property

Rescission Period

Postby garbhach65 » Mon Dec 05, 2016 7:32 pm

I have bought a resale timeshare from a company named Coastal Timeshare Creations in Hilton Head South Carolina. The contract stated that there was no rescission period because this was a resale. Unfortunately I signed that I understood. A few days later I receive a letter saying I was to send my signed deed and $330.00 for title transfer on the property I traded in. I did agree to trade in my property, but the transfer fee was never mentioned to me. I am dealing with two companies. Coastal Timeshare Creations from whom I purchased the resale and Sumday Vacations who will handle the transfer of my trade in property. I have refused to send them my signed title and money for transfer. Do I have any legal rights here concerning not having been offered a rescission period?
garbhach65
 
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Rescission Period

Postby Beaufort » Thu Dec 08, 2016 9:45 am

Thanks for the question. The state of South Carolina has a 5 day rescission period. SECTION 27-32-405 -(H) purchasers of interests in a vacation time sharing plan have an unqualified five-day pre-closing right of rescission;.

There is no distinguishable language about retail vs. resale regarding the rescission period.

Your purchase was through Coastal Timeshare Creations which you have a contract for. Your trade-in is through Sumday vacations which you probably signed some form of agreement. Unless specifically stated in your Purchase Contract with Coastal Timeshare Creations that the sale is contingent upon you trading in your property with Sumday, and the fees are listed on that agreement, then you should have no problem cancelling the agreement with Sumday. Although I do not know fully the SC code on this, nor have the agreements infront of me that you signed, the way we conduct our trade-in business is outlined as I explained. Our trade-in agreement is completely separate from the purchase agreement of the developer/reseller/etc. I would suggest contacting Sumday and explaining how you will not be proceeding with the trade-in as their fee was not mentioned in the paperwork you signed.  
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Rescission Period

Postby CarIes » Fri Dec 09, 2016 4:48 am

I have bought a resale timeshare from a company named Coastal Timeshare Creations in Hilton Head South Carolina. The contract stated that there was no rescission period because this was a resale. Unfortunately I signed that I understood. A few days later I receive a letter saying I was to send my signed deed and $330.00 for title transfer on the property I traded in. I did agree to trade in my property, but the transfer fee was never mentioned to me. I am dealing with two companies. Coastal Timeshare Creations from whom I purchased the resale and Sumday Vacations who will handle the transfer of my trade in property. I have refused to send them my signed title and money for transfer. Do I have any legal rights here concerning not having been offered a rescission period?
CarIes
 
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Joined: Tue Jan 21, 2014 12:03 pm


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