This was a timeshare purchased on a Sunday. But after reading more in detail i felt very unsure of all the fees that will actually be incurred, like assessments fees and so forth. I am not sure i want to keep it how can I cancel and how long? Also will I get my deposit back?
General Practice Lawyer
It is quite technical to cancel a timeshare and I strongly advise you hire an attorney to handle the cancellation as a mistake could cost you your money. There is a Statute which deals with timeshare cancellations which is Florida Statue 721.10.
Florida Statute 721.10 governs the cancellation of timeshare purchases. It provides,
"(1) A purchaser has the right to cancel the contract until midnight of the 10th calendar day following whichever of the following days occurs later:
(a) The execution date; or
(b) The day on which the purchaser received the last of all documents required to be provided to him or her, including the notice required by s. 721.02(2)(d)2., if applicable.
This right of cancellation may not be waived by any purchaser or by any other person on behalf of the purchaser. Furthermore, no closing may occur until the cancellation period of the timeshare purchaser has expired. Any attempt to obtain a waiver of the cancellation right of the timeshare purchaser, or to hold a closing prior to the expiration of the cancellation period, is unlawful and such closing is voidable at the option of the purchaser for a period of 1 year after the expiration of the cancellation period."
Even though my disclaimer clearly states the following, this answer is for informational purposes only and you are not to rely on it for your legal matter. You should consult with an attorney before acting on your own. This answer does not establish any attorney-client relationship either.
Legal disclaimer: This answer is offered for informational purposes only. It is not offered as, and does not constitute, legal advice nor does it constitute an attorney-client relationship. Thank You
As with any question that asks "what are my contractual rights?" you need to review the exact language in the contract you signed. What does it say about what happens if a party breaches, what are the other party's remedies? Are they entitled to their legal fees? What court, if any can the parties use to resolve disputes, or have they agreed to arbitration or mediation?
The general rule is that contract CANNOT be rescinded (cancelled) unless they say they can. A contract is a serious promise, and anyone signing anything has to review it carefully and negotiate whatever they want to and should fully undertand and agree with whatever document they sign. Reading it only AFTER they're committed is very foolish.
Here, you apparently still don't know whether your deposit is refundable.
Timeshares are notoriously bad deals with high-pressured tactics to get people to sign. Even worse are the companies who claim to be able to rent or sell the timeshares that people eventually realize are horrible deals that they got stuck with. These deals are 1-sided and NOT in the buyer's favor, and they're difficult to get out of because they're such horrible deals.
See a real estate litigator TODAY to see if you have any arguments out of this deal.
PLEASE READ THIS BEFORE YOU COMMENT, EMAIL ME OR PHONE ME. I'm only licensed in CA. This answer doesn't make me your lawyer, and neither do follow-up comments and/or emails and/or phone calls, and you shouldn't expect me to respond to your further questions if you haven't hired me. We need an actual agreement confirmed in writing before any attorney-client relationship is formed. This answer doesn't constitute legal advice, and shouldn't be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue.