Rule 8.7 Purchase Contracts
Each developer shall furnish each purchaser with a fully completed and executed copy of a contract, which contract shall include the following information:
- The actual date the contract is executed by all parties;
- The names and addresses of the seller, the developer and the timeshare plan;
- The total financial obligation of the purchaser, including the purchase price and any additional charges to which the purchaser may be subject, such as any recurring assessment;
- The estimated date of availability of each accommodation, which is not completed;
- A description of the nature and duration of the timeshare interest being sold, including whether any interests in real property is being conveyed and the specific number of years or months constituting the term of contract;
- Immediately above the signature line of the purchaser(s), the following statement shall be printed in conspicuous type:
You may cancel this contract without any penalty or obligation within seven (7) calendar days from the date you sign this contract and seven (7) calendar days after you receive the public offering statement, whichever is later. If you decide to cancel this contract, you must notify the developer in writing of your intent to cancel. Your notice of cancellation shall be effective upon the date sent and shall be sent to (name of developer) at (address of developer). If you cancel the contract during a the seven-day cancellation period, the developer shall refund to you all payments made under the contract within thirty (30) days after receipt of your cancellation notice.
No purchaser should rely upon representations other than those included in this contract.
- These statements in Paragraph f. may not be waived and failure to include them in a timeshare contract shall render the contract void.
Seller shall refund all payments made by the purchaser under the contract and return all negotiable instruments, other than checks, executed by the purchaser in connection with the contract within 30 days from the receipt of the notice of cancellation transmitted to the developer from the purchaser or if the purchaser has received benefits under the contract, refund all payments made less actual cost of benefits actually received by the purchaser before the date of cancellation, with an accounting of the actual costs of the benefits deducted from payments refunded.