Rescinding?

The husband & I did a Very Stupid Thing and bought Princeville through the developer's office on Maui on Monday. We have since, after reading on here and reading through the stuff they gave us, decided to rescind and re-evaluate our options for buying with Starwood.

Our paperwork came with a form we have to sign/date and return to an address in FL by next Monday.

What is the best thing to do with the portfolio of stuff (book, DVD, leather briefcase) that we also have to return? We are still on Maui - can we return it to the developer's office and have them sign saying they got it, or do we need to send it to FL with the form?

keeshonds2 said:

We are still on Maui - can we return it to the developer's office and have them sign saying they got it, or do we need to send it to FL with the form?

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I would do both: Return it to the developer's office where you are and mail a certified copy to FL. Better safe than sorry.

Hi - here is more info. about rescinding: http://www.tugbbs.com/forums/showthread.php?t=74493

You need to follow the instructions in your sales papers EXACTLY and that means mailing it. The recission only has to be postmarked by the specified date - not received.

If you decide to return the kit to the sales office, be prepared for them to argue with you. The best practice might be to bundle it all up, put a copy of your letter on top, drop it off with the sales office reception desk on your way to the airport. If they try to stop you, just say - we are on our way to the airport and keep going. If you go in and talk to them, it won't be a pleasant experience, and they may talk you out of rescinding.

When I rescinded in Hawaii I just sent in the letter and kept the brieface with all stuff in it. I thought there was something in the paperwork about them charging you for the book if you don't return it?? Like a $50 fee. I was ready for that, but they never asked for the briefcase back or a fee. The briefcase and all the stuff in it goes great with my resale units !

However, if we didn't wait until we got home to send in the rescind letter we probably would have returned the briefcase as well. Its probably better to be safe then sorry when you're talking about all that money...

Brad

We never returned our stuff either.

I believe that the recision paperwork says something like: SVN has the right to show up (at your home) and request return of all the materials they provided for a 30 day period. The materials must be returned in their original condition. But if they fail to show up to claim their materials, then they are yours to keep.

Read the recision letter carefully. I think you'll find something like this hidden in there somewhere.