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If you have bought or are thinking of acquiring a timeshare in Florida, it’s very important to know the answers to the following questions:

Firstly if you are British, any end recovery will have to be against your UK assets. This explained, no treaty exists whereby a USA company can just recover a debt incurred in the USA. You need expert assistance in this matter.


That stated when you acquire a timeshare you have a great need to know the following: –

  • If required, how do I cancel a timeshare in the USA?
  • What are the disclosure requirements in a timeshare purchase?
  • What are the timeshare resale laws in the state I acquired my timeshare in?
  • If I cease making payments to the resort, what is the most common type of timeshare foreclosure procedure (judicial or no judicial)?
  • “Will I be liable or held accountable for a deficiency judgment after a timeshare foreclosure?

Right to Cancel a Timeshare in Florida

Check the cooling off period, this will run from the last date you received the required documentation. The required documentation is the documents which the state legislator deemed appropriate that you must have to make a reasonable decision.

In Florida, if you buy a timeshare, you can cancel the timeshare contract up to midnight of the 10th calendar day following: (Fla. Stat. Ann. § 721.10 (1)).

This right of cancellation may not be waived. If you want to withdraw from the purchase contract, you are obliged to notify the seller in writing. If you do this, the timeshare company must refund to you the entire amount of the payments you gave to them.

This refund may be reduced by the value of any benefits received and within: 20 days after it receives your notice of cancellation, or within five days after it receives the funds from your cleared cheque, whichever is later. (Fla. Stat. Ann. § 721.10 (3)).

Public Offering Statement

This statement is a declaration what is on offer and what will be sold to you if you choose to acquire. In Florida, the developer is required to furnish each and every timeshare purchaser with a copy of the public offering statement (Fla. Stat. Ann. § 721.07 (6)(a)).

The public offering statement is quite a detailed history of the project (construction), that contains important matters you need to consider before and when acquiring a timeshare interest, including (among other things):

  • a description of the timeshare contract
  • the duration, in years, of the timeshare ownership
  • whether any interest in the underlying property will be conveyed to the purchaser
  • a description of the accommodations
  • an explanation as to how the timeshare developers (their servants or agents) apportioned expenses and proprietorship of the common elements to you.

Florida Timeshare Resale Protection Laws

Selling timeshare is very difficult and owners will find it extremely problematic to dispose of their timeshare. It’s quite factual that real and honest resale brokers are practically non-existent. Scammers exist everywhere and are misleading timeshare owners into thinking they have some buyer waiting.

The catch is always the same, you must pay hundreds or even thousands in upfront fees. Once those fees are paid, the scam artists claim that they were simply offering advertising services. This is prolific in the UK as well.

Most states including Florida law delivers the following protections to shield consumers from this type of resale scam.

  • Timeshare resale advertisers are not allowed to claim that there is a buyer interested in the owner’s timeshare without providing the potential buyer’s name, address, and telephone number.
  • Before collecting fees greater than $75 or engaging in any resale advertising activities, timeshare resale advertisers must obtain a written contract to provide services that are signed by the timeshare owner.
  • Timeshare owners can cancel any signed contract with a timeshare resale advertiser within 10 days and, if cancelled, the timeshare resale advertiser must provide a full refund to the timeshare owner in 20 days (or within five days after receipt of funds from the cleared check, whichever is later).
  • If a timeshare resale advertiser violates the law, it can be penalised up to $15,000 per violation (Fla. Stat. Ann. § 721.205).

If the reseller applies the above to his business model, you will obtain some sense of credibility as to any forward business relationship you might have with them.

Timeshare Foreclosure Procedure

If you have taken out a loan to buy into a deeded timeshare and you then fail to make your timeshare mortgage payments, you will likely face foreclosure. (In addition to monthly mortgage payments, timeshare owners are ordinarily responsible for maintenance fees, special assessments, utilities, and taxes, collectively referred to as “assessments”).

In many states (incl Florida), residential foreclosures are judicial, but state law provides for the non-judicial foreclosure of mortgages and assessment liens when it comes to timeshare properties (Fla. Stat. Ann. § 721.855 and § 721.856).

Timeshare Deficiency Judgments

When a lender is compelled to enact foreclose on a mortgage, the total debt owed by you to the lender can exceed the eventual sale price. The difference between the sale price and the total debt is called a deficiency.

Whether or not you face a deficiency judgment after a timeshare foreclosure depends on state laws in those individual states. In Florida, the borrower is not subject to a deficiency judgment after a timeshare foreclosure even if the proceeds from the sale of the timeshare are insufficient to cover the debt (Fla. Stat. Ann. §721.81(7)).

Florida Timeshare Laws

Timeshares are regulated by state statute. You can access the Florida statutes by going to www.leg.state.fl.us and clicking on “Florida Statutes.”

The vulnerable, elderly and less savvy pensioners could be tricked out of their savings unless our Government tackles scams which will be carried out following the introduction of new pensions liberties.

In a report published today, the Commons’ work and pensions committee predict that the issue could become the next mis-selling scandal, warning that the pension reforms “have increased the prospect of people being conned out of their life savings”.

 The governmental report also suggests that savers who obtain access to retirement funds might have even been “endangered” by a lack of protection against scammers and tricksters and high fees.

Last modified: 3rd September 2020