Disappointed in The Timeshare Store

[Jason@dvcstore]

Are you going to address the question directly as to whether you and/or TSS feel that FL law is directly applicable to resales for other states handled through a FL based broker?

The Timeshare Store, Inc.® feels that FL Law is directly applicable to resales for other states handled through a FL based broker.

FYI: I may have missed other questions so I apologize. I posted last night and trying to scroll through all the postings since last night. I probably won't be back on here until Tuesday and there may be 4 more pages by then. I apologize if more questions come about from this post that are directed at me and I don't respond immediately. I also do no get the email notification regarding posts so can be hard to follow with so many responses.

Thanks in advance to all the responses and answers.

Jason --jason@dvcstore.com

 

[Dean]

The Timeshare Store, Inc.® feels that FL Law is directly applicable to resales for other states handled through a FL based broker.

FYI: I may have missed other questions so I apologize. I posted last night and trying to scroll through all the postings since last night. I probably won't be back on here until Tuesday and there may be 4 more pages by then. I apologize if more questions come about from this post that are directed at me and I don't respond immediately. I also do no get the email notification regarding posts so can be hard to follow with so many responses.

Thanks in advance to all the responses and answers.

Jason --jason@dvcstore.com

Thanks. I disagree and so do a couple of lawyer types I've talked to about it as well as my impression from BPR (Dept of Business and Professional regulation), but without a challenge or case law to be absolute about it, we're all just arguing over beers.

 

[bom_noite]

We're all just arguing over beers.

Had you told me that up-front I would have argued harder! I accept the TSS's interpretation - I am officially signing out of this one.

 

[BWV Dreamin]

Well TSS was asked, and they declined exclusive representation. They have posted this in this thread. That speaks volumes.

Ok - you are getting a bit past my pay grade (though I could check with my Real Estate Family which includes RE Agents and lawyers): By general law any RE Agent is a "transactional" broker.

If I sell my house it is almost traditional to ask my agent to be a "Sales Agent" - and when I do this they represent me and me alone! I have purchased homes and asked my agent to be a Purchase Broker to represent my interests solely.

I got this from a friend:

Florida law requires that real estate licensees operating as transactional
brokers disclose to buyers and sellers their role and duties in providing a
limited form of representation, as a transaction broker. xxxxxxx
provides to you a limited form of representation that includes
the following duties:
1) Dealing honestly and fairly,
2) Accounting for all funds,
3) Using skill, care, and diligence in the transaction,
4) Disclosing all known facts that materially affect the value of
residential real property and are not observable to buyer,
5) Presenting all offers and counteroffers in a timely manner, unless a
party has previously directed the licensee otherwise in writing.
6) Limited confidentiality, unless waived in writing by a party. This
limited confidentiality will prevent disclosure that the seller will
accept a price less than the asking or listing price, that the buyer will
pay a price greater than the price submitted in a written offer, of the
motivation of any party for selling or buying property, that a seller or
buyer agrees to financing terms other than those offered, or of any
other information requested by a party to remain confidential, and
7) Any additional duties that are entered into by this or by separate
written agreement.
Limited representation means that a buyer or seller is not responsible for the
acts of the licensee. Additionally, parties are giving up their rights to the
undivided loyalty. This aspect of limited representation allows a licensee to
facilitate a real transaction by assisting both the buyer and the seller, but a
licensee will not work to represent one party to the detriment of the other
party when acting as a transaction broker to both parties.

In the case of the TSS (or their competitors) they do not declare and are a transactional broker by de facto (according to Fla Law) unless asked otherwise by either party.

 

[BeccaG]

OK, gonna throw my 2 cents in.

Let's reverse the situation. From an "ethical" or good business stand point lets pretend the seller changed there mind within the recension period and decided they no longer wanted to sell their contract. In the future would it then be required for TSS to never work with them again as their broker, or what was the legal term, "Transaction Broker" to buy a property?

FWIW I see no wrong doing on the part of the TSS. (Unless they were purposely pushing other options for the buyer, but that does not appear to be the case). Let's say the seller was looking for 150 HHI points in two contracts of 75. They didn't find anything so offered to buy the 100 HHI points from the OP. Then a 75 point contract, just what they were looking for comes on the market and they, using their contractually provided right, decide to exercise their recension to get what they really wanted. IF TSS's contracts clearly states to buyer's and sellers that is what they allow, then neither the seller/OP or the buyer should be surprised when someone exercises their contractual rights.

In fact, is TSS is not legally required to proved a 10 day recension period, but could have sold it in 1, I applaud them for giving more than the law requires to protect both buyers and sellers in their contracts. So few businesses would go above the law and I think that is a good thing in the long run. It may stink for the OP in this instance, but the 10 day period can benefit buyer and seller and is a good and ethical business practice.

 

[BWV Dreamin]

There is no " rescission " period for the " seller". Once you list, and a buyer is found, the brokers obligations have been met. In fact, if the seller rescinds, the broker is still due commission from the seller.

 

[BeccaG]

There is no " rescission " period for the " seller". Once you list, and a buyer is found, the brokers obligations have been met. In fact, if the seller rescinds, the broker is still due commission from the seller.

Oops.then i waaaay misread when folks talked about it being in both contracts as it applying both ways....my bad :/

 

[tammymacb]

I keep reading this thread and I can't figure out what all the fuss is about?

I've bought and sold through the TTS and own 4 HHI contracts, btw.

Their contract is very easy to read and the fact that you have 10 days to change your mind is very clear. It may not be what *SC* requires, but it follows the law of the state that the broker is operating in. It's on the contract- the OP signed it and the buyer backed out. I'm sure this happens almost every day but doesn't make the news as it's part of the resale process.

I, myself, did exactly the same thing. I'd been waiting forever to add a June UY, 50 pt, BWV contract. One morning my sister called to tell me that a BCV contract had come up. It wasn't loaded, but it was in the same UY and I decided I'd use a few points for BC here and there instead.

Well, as soon as I signed the contract and sent the check I checked my TTS emails and there it was a completely loaded 50 point BWV contract. Priced for less. I called my broker, told them I wanted the BWV contract instead and we all moved on. No rules were broken and if the BCV contract seller was disappointed it wasn't for long as it sold the same day.

Not seeing the reason that this is such a huge deal....

 

[jnsolomon]

I keep reading this thread and I can't figure out what all the fuss is about?

I've bought and sold through the TTS and own 4 HHI contracts, btw.

Their contract is very easy to read and the fact that you have 10 days to change your mind is very clear. It may not be what *SC* requires, but it follows the law of the state that the broker is operating in. It's on the contract- the OP signed it and the buyer backed out. I'm sure this happens almost every day but doesn't make the news as it's part of the resale process.

I, myself, did exactly the same thing. I'd been waiting forever to add a June UY, 50 pt, BWV contract. One morning my sister called to tell me that a BCV contract had come up. It wasn't loaded, but it was in the same UY and I decided I'd use a few points for BC here and there instead.

Well, as soon as I signed the contract and sent the check I checked my TTS emails and there it was a completely loaded 50 point BWV contract. Priced for less. I called my broker, told them I wanted the BWV contract instead and we all moved on. No rules were broken and if the BCV contract seller was disappointed it wasn't for long as it sold the same day.

Not seeing the reason that this is such a huge deal....

Well said.

Is it really such a big deal that the buyer read their contract, knew their rights, and exercised one of the options spelled out in the contract?

I feel bad for the OP, but when someone says "a deal is a deal" and the buyer in this case is thought to be a weasel, I don't agree. Part of "the deal" is that the buyer can rescind within 10 days. The OP thought they had sold, but found out 2 days later, the buyer backed out. Is it really that much of a hardship on the OP?

We don't know what the details are with regards price etc. Maybe the buyer agreed to a high price, then realized they made a bad deal, and regretted signing the contract. This is exactly why there are rescission laws and rescission clauses.

 

[Dean]

I keep reading this thread and I can't figure out what all the fuss is about?

I've bought and sold through the TTS and own 4 HHI contracts, btw.

Their contract is very easy to read and the fact that you have 10 days to change your mind is very clear. It may not be what *SC* requires, but it follows the law of the state that the broker is operating in. It's on the contract- the OP signed it and the buyer backed out. I'm sure this happens almost every day but doesn't make the news as it's part of the resale process.

I, myself, did exactly the same thing. I'd been waiting forever to add a June UY, 50 pt, BWV contract. One morning my sister called to tell me that a BCV contract had come up. It wasn't loaded, but it was in the same UY and I decided I'd use a few points for BC here and there instead.

Well, as soon as I signed the contract and sent the check I checked my TTS emails and there it was a completely loaded 50 point BWV contract. Priced for less. I called my broker, told them I wanted the BWV contract instead and we all moved on. No rules were broken and if the BCV contract seller was disappointed it wasn't for long as it sold the same day.

Not seeing the reason that this is such a huge deal....

To me there are 3 issues in this situation.

1. Should the listing company disclose that by listing with them, the seller was assuming additional risk by adding a cancelation option that would not have been in effect otherwise. To me the answer is clearly yes.
2. Is it OK to cancel once one has signed and the answer is technically and legally yes. However, done just for a better deal, it is going back on one's word. It is, in my view, dishonest.
3. Is it OK for a broker to facilitate or even encourage such a practice. In my view, NO, even though it MAY be legal.

.

Here's a directly comparable analogy. I occasionally rent my points. I have had the situation where I had listed X for rent and had a verbal (or email) agreement with an individual (or we were very close). While still finalizing the details, I've had other contacts who offered me more to let them have the reservation. Legally I could have done so since we didn't have a contract (in any sense) at that point and payment had not been rendered but I do not think it is ethical in the situation I described. My integrity is not worth a few extra dollars or a better contract.

 

[DVC Dude]

So be aware that when you agree to sell your points you are bound but the buyer is not. Far from protecting the one paying their commission, The Timeshare Store will blithely dance away with the buyer to a new contract. As I was told," That's the way we do business."

Ron

I used TSS to sell two of my contracts about 5 years ago and was very happy with the results. Luckily, they both closed pretty quickly without any problems.

Ron, I think you are blaming TSS when there really is no blame here. IF you signed a contract that clearly spelled out the process, then TSS should be in the clear. Perhaps they did not verbalize the details to you, but as they say in law - documentation is key.

I think this is an example of TSS serving BOTH parties equally. Seriously, imagine TSS telling the buyer, sorry, but you have to buy a contract you are not 100% happy with.

Without hearing from the actual buyer, we are ONLY relying on your opinion of what happened and TSS is getting a "online black eye" with this thread title.

As the commercial says, you shouldn't treat new friends better than old friends.

Again, you are taking this way too personal. The buyer found a "better" match and decided to switch during the 10-day period....and TSS made it happen.

-------------------

I think you may have counted your chickens before they were hatched.

Perhaps you would have felt better if TSS contacted you to say the deal was off, refunded the buyers original deposit, then took a new deposit on the new contract.

Disclaimer - I have no vested interest in TSS or anyone else - I was simply a happy customer when I used them in the past.

As a side note - I actually thought the TSS fees were pretty high, but I guess that is the going rate for timeshare transactions these days.