Seller question

[momtwoboys]

How many days after accepting an offer and signing do the sellers have to back out?

 

[Sandisw]

Technically the sellers can back out at any time but they would most likely owe commission to the broker.

If you are within 10 days of signing, you ca. withdraw and get deposit back.

 

[supersnoop]

How many days after accepting an offer and signing do the sellers have to back out?

Either party could back out at any time. No court will enforce "specific performance" if someone fails to follow the contract. The only risk or recourse is money. For the buyer, they have 10 days to back out without penalty; after that they forfeit their deposit. For the seller, there's no grace period; after an accepted offer, they're on the hook for the commission.

 

[Frederic Civish]

I have purchased a number of contracts on the resale market. Sometimes the sellers have 'trouble' completing the sale for various reasons. If they fail to return the paperwork, no matter how long it has been, there probably is not much that anyone can do about it.

 

[Babygusgus]

Either party could back out at any time. No court will enforce "specific performance" if someone fails to follow the contract. The only risk or recourse is money. For the buyer, they have 10 days to back out without penalty; after that they forfeit their deposit. For the seller, there's no grace period; after an accepted offer, they're on the hook for the commission.

Hi there, so if buyer signed contract, never made the deposit and withdrew offer within 10 days… buyer can’t be penalized for anything?

 

[Sandisw]

Hi there, so if buyer signed contract, never made the deposit and withdrew offer within 10 days… buyer can’t be penalized for anything?

Correct.

 

[Frederic Civish]

Hi there, so if buyer signed contract, never made the deposit and withdrew offer within 10 days… buyer can’t be penalized for anything?

It isn’t that they CANT be penalized. It is just that you are very unlikely to EVER get a court to take it seriously enough to even try.

 

[DanCali]

It isn’t that they CANT be penalized. It is just that you are very unlikely to EVER get a court to take it seriously enough to even try.

The buyer (by FL law) has 10 days to back out without a penalty. In FL, it applies to both direct and resales timeshare purchases. Any deposits or other payments made during that time frame will be fully refunded if the buyer cancelled within the 10-day "cooling-off "window. Most states have similar laws, although the rescission window time varies and I am not sure if the rule applies to resales in all states.

FL is the timeshare capital of the world and takes this stuff very seriously. Here is the FL statute that applies to timeshare resales.

http://www.leg.state.fl.us/statutes...ute&URL=0700-0799/0721/Sections/0721.205.html

The DVC resale brokers I have interacted with all had the type of language described in the link above in their contracts. I will add though that I have purchased a Marriott FL timeshare using a CA-based seller's broker who did not have this language in the sales contract. Possibly an oversight...

 

[Genie+]

It isn’t that they CANT be penalized. It is just that you are very unlikely to EVER get a court to take it seriously enough to even try.

If it’s within 10 days there is nothing to take to court. Maybe you misread the ‘within 10 days’ part - I did the first time.

 

[Babygusgus]

Correct.

Thank you