Legal Question in Real Estate Law in Wisconsin
Time Share
My daughter and her husband signed a contract two weeks ago for a times share but now knows they can't afford it, they weren't told about how to get out of it if they decided after a few days how to cancel it? Is there any thing they can do?
1 Answer from Attorneys
Re: Time Share
This is an interesting issue. By state law, and some federal laws you have to be given notice that you can rescind the purchase within three days of signing the documents.
When this is done in connection with a mortgage refinance, if that notice is not given, you can later rescind the loan and get credit for all interest paid through the Truth in Lending statutes.
You should speak to an attorney to find out if the same concepts apply to these "time share" purchases and see if the contract can be rescinded.
http://www.SMSweeneyLaw.com
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