Disappointed in The Timeshare Store

[wildernessDad]

I've been on these boards for a while now and have never read a disparaging word against The Timeshare Store. Given the title of this thread, I thought that I would be reading my first. But, the fact is that this situation is not the TTS's fault.

 

[silmarg]

I think Dardi has a point IF TSS knew and assisted the buyer in looking for a better deal that would put the Dardi deal in jeopardy.

Illegal no... But ethical? I dunno...

 

[staceymay00]

Didn't you sign a contract stating there was a 10 day period for either party to cancel the transaction? We bought resale from TTS and this language was in the contract that both seller and buyer signed. I do not recall if TTS told me verbally about the 10 day period (they may have) but the contract was only one page long and I most certainly read it all before signing. Sorry that your buyer backed out, but TTS can not keep a buyer or seller from backing out with the 10 day period.

 

[msmayor]

Yes, Bumbershoot, my problem is that I was told there was a buyer for my points and that there was earnest money. I was not told that there was no deal for ten days and that the buyer was free to continue shopping and that The Timeshare Store would help him. I realize this is all legal. I realize they must follow Florida law. I had used The Timeshare Store in the past to both buy and sell and was impressed with their service. I am just disappointed in the way they are "representing" the seller in their role as agent for both parties. As the commercial says, you shouldn't treat new friends better than old friends.
Ron

If the language was in the contract you signed that allowed rescission within 10 days, then you were told, in black and white.

The one who has the responsibility in knowing and understanding the full terms is the one who actually signs the contract, and you should never rely on anyone else's reading or representation of a contract.

 

[Chuck S]

I think Dardi has a point IF TSS knew and assisted the buyer in looking for a better deal that would put the Dardi deal in jeopardy.

Illegal no... But ethical? I dunno...

I think it depends upon the specific circumstances. If the buyer said something to the agent after seeing a new listing on the website, there is nothing unethical about that. If, while under contract, an agent called the buyer and said "Oh look, this contract is better for you," then I may be miffed. But we really do not know the circumstances, nor does the OP. And truthfully, I would doubt that a sales agent for any company would risk their commission on a pending sale already under contract.

It just makes far more sense that this change was initiated by the buyer, and that the Timeshare Store has no blame at all. If they buyer saw another contract on a website that they liked better, they are fully within their right to cancel. And under Florida law, there essentially is no binding contract until 10 days have passed.

Usually the simplest explanation is the correct explanation.

 

[Dean]

If the language was in the contract you signed that allowed rescission within 10 days, then you were told, in black and white.

The one who has the responsibility in knowing and understanding the full terms is the one who actually signs the contract, and you should never rely on anyone else's reading or representation of a contract.

That assumes that the contract specifies a 10 day cancellation period. If it did for HHI, the broker likely did the seller a disservice because it gave the buyer rights they didn't have under SC law. As I quickly read through the SC statute it suggest to me that it's 5 days on retail purchases and nothing on resale. Now for FL purchases, if the contract didn't specify 10 days, the buyer actually has a full year.

I think Dardi has a point IF TSS knew and assisted the buyer in looking for a better deal that would put the Dardi deal in jeopardy.

Illegal no... But ethical? I dunno...

I'd go a step further, as I hinted at above. An ethical company should tell such a buyer that they wouldn't cont to work with them IF they simply backed out of the deal once a contract were signed by both parties. Up until signatures are on the paper there is no formal contract.

The Timeshare Store, Inc.® says Thank You. The good news for this seller is that the property sold once and, hopefully, it will sell again soon.

Jason

What is the TSS understanding and interpretation of the legal requirements as they apply to HH. EDT: Do you adjust your contracts accordingly.

 

[Jerry@dvcstore]

A buyer may cancel a contract without any penalty within 10 days of the contract being signed.

Once a buyer and seller reach an agreement, they sign a contract that states:

“ 13. YOU MAY CANCEL THIS CONTRACT WITHOUT ANY PENALTY OR OBLIGATION WITHIN 10 DAYS AFTER THE DATE YOU SIGN THIS CONTRACT…THIS IS A LEGALLY BINDING CONTRACT, IF NOT FULLY UNDERSTOOD, SEEK COMPETENT ADVICE.”

This clause is included in the Timeshare Store contract under clause 13.

The Timeshare Store does not actively contact the buyer about other properties after an agreement has been reached. However, if the buyer contacts our office and feels they made the wrong choice, we will assist the buyer to find the right property to fit the buyer’s needs.

Regarding this contract, the buyer cancelled within two days of the original agreement being drawn up. The buyer was therefore not penalized.

 

[Bellecruiser]

We have purchased and sold a number of properties via the TSS. Everything has been handled perfectly. However, I am so sorry for all the confusion about your resale. I am sure if you keep pursuing your dream it will happen.

 

[tammymacb]

I'm the owner of 4 HHI contracts. 2 were resales bought from a Fla resale agency ( not TSS ) I looked up an old contract today and can say that the other resaler also had a 10 day back out clause on the HHI contracts.

As the buyer of 4 resale buys and 2 resale sells, I don't believe I was ever verbally told of the 10 day back out clause. However, it's in black and white on the original offer to purchase contract. When I sold my 2 contracts I held my breath for the 10 days to see if it would go through. I knew I had no recourse if the seller walked.

 

[Dean]

A buyer may cancel a contract without any penalty within 10 days of the contract being signed.

Once a buyer and seller reach an agreement, they sign a contract that states:

“ 13. YOU MAY CANCEL THIS CONTRACT WITHOUT ANY PENALTY OR OBLIGATION WITHIN 10 DAYS AFTER THE DATE YOU SIGN THIS CONTRACT…THIS IS A LEGALLY BINDING CONTRACT, IF NOT FULLY UNDERSTOOD, SEEK COMPETENT ADVICE.”

This clause is included in the Timeshare Store contract under clause 13.

The Timeshare Store does not actively contact the buyer about other properties after an agreement has been reached. However, if the buyer contacts our office and feels they made the wrong choice, we will assist the buyer to find the right property to fit the buyer’s needs.

Regarding this contract, the buyer cancelled within two days of the original agreement being drawn up. The buyer was therefore not penalized.

This is your contract wording and it is consistent with FL law. However, you did not answer the question directly about the differences for SC.

 

[kimberh]

Op, Sorry this has happened, but I have used the TimeShare Store 4 times. They have went above and beyond for me. On one contract, we were on our way to a cruise, when It hit me that I had not signed my contract or mailed my downpayment. It had just totally slipped my mind. I called my sales agent, she faxed the contract to the hotel we were spending one night at, I mailed the check from there. We closed in 3 weeks. The fastest one of all.

I have never been verbally told about the 10 day period, so once I found a contract, I quit looking. I would think that your buyer read his contract. What can someone do about that?

As for getting deposits back, we live in SC. We had a real estate deal on a piece of property go on and on and on. For over 18 months. Finally, I said " I don't want it any longer, I want my Earnest money back" and I received it. The contract had expired. May be how I received it back, but the point is, just because Earnest money is deposited, doesn't mean it's yours.
Wishing you a new buyer quickly!

 

[BWV Dreamin]

I am curious to learn the answers to the questions stated. Not only will there be issues concerning SC, now there will be issues concerning resales in Hawaii (Aulani resales in particular). What are the buyers rescind timeframes there?

That assumes that the contract specifies a 10 day cancellation period. If it did for HHI, the broker likely did the seller a disservice because it gave the buyer rights they didn't have under SC law. As I quickly read through the SC statute it suggest to me that it's 5 days on retail purchases and nothing on resale. Now for FL purchases, if the contract didn't specify 10 days, the buyer actually has a full year.

I'd go a step further, as I hinted at above. An ethical company should tell such a buyer that they wouldn't cont to work with them IF they simply backed out of the deal once a contract were signed by both parties. Up until signatures are on the paper there is no formal contract.

What is the TSS understanding and interpretation of the legal requirements as they apply to HH. EDT: Do you adjust your contracts accordingly.

 

[Dean]

I am curious to learn the answers to the questions stated. Not only will there be issues concerning SC, now there will be issues concerning resales in Hawaii (Aulani resales in particular). What are the buyers rescind timeframes there?

I think HI is 7 days and I also don't believe it applies to resales but am going by memory from what I've heard on that one.

 

[CarolMN]

I think HI is 7 days and I also don't believe it applies to resales but am going by memory from what I've heard on that one.

Wouldn't the contract's longer period (assuming there is a clause in the contract stating it is 10 days) override a state's longer requirements?

I assume the answer is yes, so perhaps a seller would have to request the provision be changed to match the shorter period if selling HHI or Aulani.

 

[Chuck S]

It may also depend upon where the reseller is located, so if the broker is in FL, all timeshares, regardless of where they are physically located, if sold through a FL licensed broker may be subject to the 10 day rescind period. If the OP had used a reseller based in SC to sell HHI, they would likely be under the SC timeshare laws.

 

[Dean]

Wouldn't the contract's longer period (assuming there is a clause in the contract stating it is 10 days) override a state's longer requirements?

I assume the answer is yes, so perhaps a seller would have to request the provision be changed to match the shorter period if selling HHI or Aulani.

That's correct as I alluded to previously. You can add benefits above the required and it appears that this is what happened in this case. Further, it appears that by giving additional benefits not legally required, the OP lost the sale that would have otherwise been legally binding.

It may also depend upon where the reseller is located, so if the broker is in FL, all timeshares, regardless of where they are physically located, if sold through a FL licensed broker may be subject to the 10 day rescind period. If the OP had used a reseller based in SC to sell HHI, they would likely be under the SC timeshare laws.

That is not my understanding, the laws of the state of the timeshare should apply.

 

[delmar411]

That's correct as I alluded to previously. You can add benefits above the required and it appears that this is what happened in this case. Further, it appears that by giving additional benefits not legally required, the OP lost the sale that would have otherwise been legally binding.

Actually someone from the TTS store replied already in this thread and this particular buyer backed out after 2 days so it doesn't matter what state rescind period was applied, it was a legit backing out by any standard.

 

[Dean]

Actually someone from the TTS store replied already in this thread and this particular buyer backed out after 2 days so it doesn't matter what state rescind period was applied, it was a legit backing out by any standard.

That was exactly my point. It appears to me that SC (and HI) law does not apply to resale, only to retail. IF that's the case, they could have backed out 1 second after they delivered the signed papers and paid the money. IF that's the case, the wording of the contract giving additional benefits not supplied by SC law directly and specifically cost the seller this sale.

 

[Brian Noble]

That is not my understanding, the laws of the state of the timeshare should apply.

I believe there was a recent change to Florida law that applies the resale 10-day cooling off period to both *timeshares* located in FL, as well as transactions handled by *brokers* located in FL. (It's widely speculated that because many "Postcard Companies" and a few other industry scofflaws have their offices in Orlando, this change was an attempt to target them specifically.)

This is from memory, but I think Rich/rikkis_playpen commented on it at TS4M when it happened, and I think Stroman came up in the conversation.

Edited to add: even if the 10-day cooling period is not universally applied to brokerages located in FL, if it is in the contract that TSS uses, then that's included in the terms of the particular deal. It is possible that TSS could use a different contract for HHI resales going forward, but that's not germane to the OP's situation, as their contract specifically included the cooling off period.

 

[Dean]

Edited to add: even if the 10-day cooling period is not universally applied to brokerages located in FL, if it is in the contract that TSS uses, then that's included in the terms of the particular deal. It is possible that TSS could use a different contract for HHI resales going forward, but that's not germane to the OP's situation, as their contract specifically included the cooling off period.

One could argue they could have & ? should have used a different contract that would reflect SC requirements.