More details to this question:
My boyfriend and I attended a foreclosed timeshare presentation and bought a foreclosed timeshare. On the paperwork it states all sales are final. Does this mean that even if we send a letter of cancellation within the Nevada 3 day period, we will not be able to cancel our contract. We are freaking out because we are unable to meet this financial commitment, and feel that we were wheeled and dealed into this situation. The company was Time Share Liquidators LLC and the timeshare was through RCI. We signed the contract on Saturday 3.30.13 and tried calling every day after to cancel, but because of the holidays no one would answer. We even called the day of and they told us we would have to contact them again on Monday.
1 ANSWER
R. Christopher Reade
In Nevada, sales of new timeshares come with a 5 calendar day right of rescission. NRS 119A.410 provides that "[t]he purchaser of a time share may cancel, by written notice, the contract of sale until midnight of the fifth calendar day following the date of execution of the contract. The contract of sale must include a statement of this right. The right of cancellation may not be waived." The notice of cancellation may be delivered personally to the developer or sent by certified mail, return receipt requested, to the business address of the developer. The developer shall, within 15 days after receipt of the notice of cancellation, return all payments made by the purchaser.
Unfortunately your scenario above indicates that you did not buy a timeshare from a developer but from a resale entity. Under NRS 119A.4771 et. seq. ("Resale of Units"), there is no corollary right of rescission period for resale units.
Answered on Apr 01st, 2013 at 3:51 PM