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Old June 21, 2008, 07:12 PM   #1
DeniseM
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FAQ - Rescinding (Canceling) a Timeshare Purchase

*This has been made into a sticky, but please continue making suggestions - thanks for all your help!




What is "Rescinding" or the "Right of Rescission?"
Rescinding is a completely legal way to cancel the purchase of a timeshare and get all of your money back, within a certain number of days. The number of days you have to rescind differs from state to state - See the list below for the states in which Starwood has active sales. The right to rescind during a "cooling off period," is your legal right, and the developer can't change that, no matter what you may have been told.

Your salesperson may have verbally asked you to promise not to rescind - all that means is that he was trying to manipulate you into giving up your legal rights! Neither the salesperson, or the developer, have any say about your right to rescind - this right is established by local law and is not affected by any verbal promise not to rescind. Some salespeople in Mexico have even been known to ask buyers to sign away their right to rescind, but that isn't legal either. So even if you signed a paper stating that your don't have a right to rescind, or that there is no right of rescission in Mexico - you still do have the right to rescind.
Why should I rescind?
1) The main reason to rescind from a developer purchase is that you can usually buy the exact same timeshare on the resale market for 30% - 90% less than what the developer is asking!
Other reasons for rescinding:

2) You may have felt pressured into making a large purchase without having time to do any research.

3) You may have made a bigger financial commitment than you are comfortable with.

4) You may not really understand exactly what you bought and how it works.

5) You may have financed your purchase through the developer at a high interest rate.

6) You may have buyer's remorse.
What if I rescind and then later decide I want the deal after all? My salesperson said it was only available that day.
This kind of statement is just a ploy to pressure you into purchasing on the spot. They know that if you leave without buying a timeshare, you will find out about your other options. No matter what your salesperson told you, if you decide to rescind, and then later decide you want the same deal after all, it will be available next week, next month, and probably even next year. But if you don't rescind in time, because you can't decide what to do - you will be stuck with the purchase.
How many days do I have to rescind with Starwood?

*This is just a general guideline - check the form in your purchase paperwork for specific dates.
Harborside Resort Atlantis - 7 days
Sheraton Broadway Plantation - 5 days
Sheraton PGA Resort - 10 days
Sheraton Steamboat Resort Villas - TBA
Sheraton Vistana Resort - 10 days
Sheraton Vistana Villages - 10 days
Westin Desert Willows - 7 days
Westin Lagunamar Ocean Resort Villas - 10 days
Westin Ka'anapali Ocean Resort Villas North - 7 days
Westin Princeville Ocean Resort Villas - 7 days
Westin St. John - 10 days
How do I rescind?
In your purchase papers there is a form explaining how to rescind. It may be entitled: "Notice of Mutual Right of Cancellation of Time Share Purchase." These instructions need to be followed exactly for your rescission to be legal and valid.
Sample rescission letter:
Gentlemen:

Regarding contract "123" for purchase of a timeshare at "ABC" resort. We are exercising our legal right to cancel this contract. We expect a full refund of our deposit of "$123." Do not make any additional charges to my credit card. Please contact me ASAP at (your phone number.)

Sincerely,

John Husband
Jane Wife
Along with the letter, send a copy of the main page of the contract.

Be sure you send your rescission letter using the exact form of mail/communication stated in the instructions - you may be required to FAX or mail your rescission - follow these instructions exactly.

If you are required to mail your rescission, make sure it is postmarked within the required time and that you get a return receipt when it's delivered.

If you are required to FAX your rescission, make sure you keep a copy of the FAX receipt to document the date and time.

If the rescission instructions require you to send a FAX, you should also mail a copy of your rescission papers via a trackable mail delivery service with proof of delivery.

Make copies of everything you send - don't send any original documents.

Expect your salesperson to try and talk you out of it. Don't get embroiled in a long discussions, just keep politely repeating, "I'm not interested."

You may be required to return the owner's guide or other materials you got as a new owner.
OK - I've rescinded - what now?
1) Make a commitment not to buy a timeshare for 6 mos.

2) Do some thinking:
What are your vacation goals?
How much money do you want to spend?
What size unit does your family need?
More food for thought
3) Hang around TUG - do a lot of reading and ask a lot of questions.

4) Don't limit yourself to just the Starwood Board - read up on other systems.

5) If you can, try renting a timeshare before you buy, to see if it's for you.

Good luck!
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Last edited by DeniseM; June 24, 2008 at 01:46 PM.
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Old June 21, 2008, 08:19 PM   #2
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Hi Denise,

Rescission for:

WDW - 7 days
WSJ - 10 days

-tim
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Old June 21, 2008, 08:20 PM   #3
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Thank you!!!!!
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Old June 21, 2008, 10:58 PM   #4
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Denise -- In the Westin Princeville paperwork there is a "Notice of Mutual Right of Cancellation of Time Share Purchase." Instructions provide for cancellation "within seven (7) calendar days."

I know because I am filling it out right now. To cancel I must "mail or deliver a signed and dated copy of this cancellation notice or any other written notice" by no later than midnight of [then there is a blank with the date listed that was seven days out from the contract date]. Hope that helps.

Bill
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Old June 21, 2008, 11:52 PM   #5
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Thank you, Bill! And I'm glad you decided to rescind!
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Old June 21, 2008, 11:54 PM   #6
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Resorts: SBP; WLR; WKV; HRA; WMH; WKORV; WSJ and 5*x2. And a house in Rancho Mirage. Now I need 2 kitchen designers. And a jet.
SBP is 5 days after the date the purchaser signs the contract, not including Sunday if it is the fifth day.

WLORV (Lagunamar, in case I can't remember all the acronyms) is calendar 10 days.
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Old June 22, 2008, 01:08 AM   #7
DeniseM
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Thank you!
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Old June 22, 2008, 05:19 PM   #8
DeniseM
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Still need some recission days

Can anyone provide the days of rescission that are missing from the list below? Thanks!

How many days do I have to rescind with Starwood?

Harborside Resort Atlantis
Sheraton Broadway Plantation - 5 days
Sheraton PGA Resort
Sheraton Steamboat Resort Villas
Sheraton Vistana Resort
Sheraton Vistana Villages

Westin Desert Willows - 7 days
Westin Lagunamar Ocean Resort Villas - 10 days
Westin Ka'anapali Ocean Resort Villas North - 7 days
Westin Princeville Ocean Resort Villas - 7 days
Westin St. John - 10 days
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Old June 22, 2008, 06:33 PM   #9
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All Florida properties are 10 days.
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Old June 22, 2008, 06:46 PM   #10
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Resorts: WMH, WKV, SVR, SDO, PGA DVC -- AKV and Grand CA; Marriott Shadow Ridge. DONE -- REALLY this time!!!
Dear GENTLEMEN:

My recission period for SVR was 10 days.

Sincerely,

Katherine




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Old June 22, 2008, 07:11 PM   #11
DeniseM
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Quote:
Originally Posted by Fredm View Post
All Florida properties are 10 days.
Thanks Fred!
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Old June 22, 2008, 07:11 PM   #12
DeniseM
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Quote:
Originally Posted by SDKath View Post
Dear GENTLEMEN:

My recission period for SVR was 10 days.

Sincerely,

Katherine




Thanks Madame Katherine!
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Old June 23, 2008, 02:37 AM   #13
DeniseM
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Anyone have the rescission periods for the following resorts?

THANKS!

Harborside Resort Atlantis
Sheraton Broadway Plantation - 5 days
Sheraton PGA Resort
Sheraton Steamboat Resort Villas
Sheraton Vistana Resort - 10 days
Sheraton Vistana Villages - 10 days
Westin Desert Willows - 7 days
Westin Lagunamar Ocean Resort Villas - 10 days
Westin Ka'anapali Ocean Resort Villas North - 7 days
Westin Princeville Ocean Resort Villas - 7 days
Westin St. John - 10 days
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Old June 23, 2008, 05:41 AM   #14
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Harborside is 7 days
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Old June 23, 2008, 01:21 PM   #15
DeniseM
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Thank you!!!!
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Old June 23, 2008, 01:33 PM   #16
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Quote:
Originally Posted by Fredm View Post
All Florida properties are 10 days.
Which means Sheraton PGA is 10 days.
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Old June 23, 2008, 01:40 PM   #17
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Denise

You have as usual done a great job. This would be a great post for the whole BBS not just the Starwood board. Maybe we could put a link to the starwood data on the main thread.

One little thing, is it by registered US Mail or Certified US mail?
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Old June 23, 2008, 01:52 PM   #18
DeniseM
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Quote:
Originally Posted by Bill4728 View Post
Denise

You have as usual done a great job. This would be a great post for the whole BBS not just the Starwood board. Maybe we could put a link to the starwood data on the main thread.

One little thing, is it by registered US Mail or Certified US mail?
I'm not sure about the mail thing, Bill - does anyone have a copy of a Starwood rescission form that they can check for the mailing info.?

Thanks for your nice comments. I'm going to post it on the Starwood board but anyone else is welcome to link to it on another board if they wish.
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Old June 23, 2008, 02:45 PM   #19
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My WDW contracts reads:

If you decide to cancel this agreement, you must notify the Seller in writing of your intent to cancel. Your notice of cancellation shall be effective upon the date sent and shall be sent to: [Address]; Attention: Document Administration Department. Your notice of cancellation may also be sent by fascimile to [Fax number] or by hand delivery. Any attempt to obtain a waiver of your cancellation right is void and of no effect.

The WSJ contract language is very similar. The addresses are the same, but obviously company names are different. The fax numbers are different, but both are at SVO corporate.

IMHO, as with any legal notice, I would fax (to get a confirmation page), and then send via a trackable delivery service with proof of delivery.

-tim
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Old June 24, 2008, 01:30 PM   #20
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Thanks, tlpnet!
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