Delaware Code Title 6 Sec. 2824 – Cancellation
(a) A purchaser shall have the right to cancel a vacation time-sharing plan contract within 5 business days following the date of its execution.
Terms Used In Delaware Code Title 6 Sec. 2824
- Contract: means any written agreement of more than 1 year's duration, executed in whole or in part within the State which grants to a purchaser the rights and obligations of a time-sharing plan. See Delaware Code Title 6 Sec. 2822
- Contract: A legal written agreement that becomes binding when signed.
- Purchaser: means any person who is buying or who has bought a time-share period in a time-sharing plan. See Delaware Code Title 6 Sec. 2822
- Seller: means any developer, or any other person, or agent or employee thereof, who offers time-share periods for sale to the public in the ordinary course of business, except persons who have acquired a time-share period for their own occupancy and later offer it for resale. See Delaware Code Title 6 Sec. 2822
- Time-sharing plan: means an arrangement, plan, or similar device, whereby a purchaser, in exchange for consideration, receives a right to use accommodations or facilities, or both, for a period of more than 3 years and such use is to occur during specific periods of time which are less than 1 year during any given year within the terms of such arrangement, plan or other device. See Delaware Code Title 6 Sec. 2822
(b) The right of cancellation shall not be waived and any attempt to obtain such a waiver shall be unlawful. Nothing in this section shall preclude the execution of documents in advance of closing for delivery after the expiration of the cancellation period.
(c) If the purchaser elects to cancel the contract, the purchaser may do so only by mailing notice thereof by certified mail to the seller at the address listed in the contract. The cancellation shall be deemed effective upon mailing.
(d) Upon cancellation, the seller shall refund to the purchaser all payments made by such purchaser and collected by the seller pursuant to the canceled contract. The refund shall be made within 15 days and may, where payment has been made by credit card, be made by an appropriate credit to the purchaser’s account.