Question about Timeshare law in Florida (10 day cancellation)

[RamblinWreck]

Let's say you already have a contract in the pipeline, and have been waiting on ROFR for 30 days.


Then you see another contract that you'd love to put an offer in on. Would you really be risking anything (other than being inconsiderate and potentially wasting the seller's time) by going ahead and putting an offer in? If your first contract passes, you could always back out of the new one within that 10 day window. Am I missing anything there?

 

[Matty B13]

I think the 10 day cancellation law is for New purchases, not resale purchases, but I could be wrong. I think the contract you sign when you make your offer is what is held to, so you could lose your deposit if you cancel after the number of days stated in the contract you sign.

 

[RamblinWreck]

I think the 10 day cancellation law is for New purchases, not resale purchases, but I could be wrong. I think the contract you sign when you make your offer is what is held to, so you could lose your deposit if you cancel after the number of days stated in the contract you sign.

The contract that I currently have in ROFR for a resale says this:

"As the buyer, you may cancel this contract without any penalty or obligation within 10 days after the date you sign this contract. If you decide to cancel this contract, you must notify the seller in writing of your intent to cancel. Your contract cancellation shall be effective upon the date sent and shall be sent to the seller at: [address]."

I guess I'm not 100% clear from that what would happen to the deposit, but the "without any penalty or obligation" portion would lead me to believe you get off 100% scot free. But it would definitely be a good question to ask before signing the dotted line on a second contract.

 

[TexasChick123]

The contract that I currently have in ROFR for a resale says this:

"As the buyer, you may cancel this contract without any penalty or obligation within 10 days after the date you sign this contract. If you decide to cancel this contract, you must notify the seller in writing of your intent to cancel. Your contract cancellation shall be effective upon the date sent and shall be sent to the seller at: [address]."

I guess I'm not 100% clear from that what would happen to the deposit, but the "without any penalty or obligation" portion would lead me to believe you get off 100% scot free. But it would definitely be a good question to ask before signing the dotted line on a second contract.

You can cancel within 10 days for resale too. You will get your deposit back. It’s a Florida law that protects all real property interests, I believe. Many have reported being able to cancel and getting their deposit back. It is inconsiderate to the seller, but I know it is tough when you’re just waiting and waiting.

 

[Jason@dvcstore]

Let's say you already have a contract in the pipeline, and have been waiting on ROFR for 30 days.


Then you see another contract that you'd love to put an offer in on. Would you really be risking anything (other than being inconsiderate and potentially wasting the seller's time) by going ahead and putting an offer in? If your first contract passes, you could always back out of the new one within that 10 day window. Am I missing anything there?

You are not missing anything. You have 10 days to cancel a resale purchase.

 

[ELMC]

Let's say you already have a contract in the pipeline, and have been waiting on ROFR for 30 days.


Then you see another contract that you'd love to put an offer in on. Would you really be risking anything (other than being inconsiderate and potentially wasting the seller's time) by going ahead and putting an offer in? If your first contract passes, you could always back out of the new one within that 10 day window. Am I missing anything there?

As stated above, technically you are correct. But as you stated above, it could be considered inconsiderate and potentially wasting the seller's time as well as the broker's time. It is a bit disingenuous to put an offer on a contract that you have little intent on actually purchasing. It's sort of like a Golden Rule type thing. That said, good luck with ROFR!

 

[RamblinWreck]

As stated above, technically you are correct. But as you stated above, it could be considered inconsiderate and potentially wasting the seller's time as well as the broker's time. It is a bit disingenuous to put an offer on a contract that you have little intent on actually purchasing. It's sort of like a Golden Rule type thing. That said, good luck with ROFR!

Well, I'd have every intent on actually purchasing it if Disney decides to take my first contract....

 

[CarolMN]

You are not missing anything. You have 10 days to cancel a resale purchase.

10 days from when? Please elaborate. Thanks.

I thought (maybe incorrectly) that the 10 days began on the date a purchase agreement / contract was signed. That would be before the contract was submitted to ROFR and thus could very well expire long before Disney makes its decision. Once the 10 days expires, doesn't the seller get to keep the deposit? Or at least share it with the broker who did the work and doesn't usually get paid until the contract closes? If not, why require a deposit at all?

 

[ELMC]

Well, I'd have every intent on actually purchasing it if Disney decides to take my first contract....

Haha. That's why I said "little intent" and not "no intent". But your point is well taken.

Said another way then, if you were the seller of the second contract, how would you feel if you found out that your buyer backed out because you were really just a safety net in case their first choice fell through? Again, this is one of those situations where you are technically within your rights and it becomes a greater conversation about what's "right" vs. what's allowed. I find that these situations exist in a number of areas concerning Disney (walking reservations, pickles at the fixin's bar, rider swap, etc.) They're fun mental exercises as long as we can all remember to play nice.

 

[RamblinWreck]

Haha. That's why I said "little intent" and not "no intent". But your point is well taken.

Said another way then, if you were the seller of the second contract, how would you feel if you found out that your buyer backed out because you were really just a safety net in case their first choice fell through? Again, this is one of those situations where you are technically within your rights and it becomes a greater conversation about what's "right" vs. what's allowed. I find that these situations exist in a number of areas concerning Disney (walking reservations, pickles at the fixin's bar, rider swap, etc.) They're fun mental exercises as long as we can all remember to play nice.

Yeah, I wouldn't want to do that to someone.

I'm thinking if I choose to employ this strategy... I might as well just buy both if by some miracle they both pass!

I actually like the second contract better than the first so maybe I'd just turn around and sell the first one if I was so inclined. I bought it so cheap (assuming Disney doesn't take it) I think I could turn a profit right away.

 

[RamblinWreck]

10 days from when? Please elaborate. Thanks.

I thought (maybe incorrectly) that the 10 days began on the date a purchase agreement / contract was signed. That would be before the contract was submitted to ROFR and thus could very well expire long before Disney makes its decision. Once the 10 days expires, doesn't the seller get to keep the deposit? Or at least share it with the broker who did the work and doesn't usually get paid until the contract closes? If not, why require a deposit at all?

10 days from the date the contract is signed.

 

[CarolMN]

10 days from the date the contract is signed.

So don't you sign the contract before it gets submitted to ROFR?

 

[RamblinWreck]

So don't you sign the contract before it gets submitted to ROFR?

Yes!

 

[Jason@dvcstore]

10 days from when? Please elaborate. Thanks.

I thought (maybe incorrectly) that the 10 days began on the date a purchase agreement / contract was signed. That would be before the contract was submitted to ROFR and thus could very well expire long before Disney makes its decision. Once the 10 days expires, doesn't the seller get to keep the deposit? Or at least share it with the broker who did the work and doesn't usually get paid until the contract closes? If not, why require a deposit at all?

A buyer has 10 days to cancel from the day they sign the contract. If they cancel after the 10 days they will forfeit their deposit.