Dear Steve,
If our rescission rights weren't disclosed at the time we closed on the purchase of a time share, can we get out of the contract even if that rescission period expired? We had no idea that we had the right to get out of it until almost three months later!
Dear Katrise,
Alas, you may have been victim of the old hard sell and possibly the old deceptive sell. Or you may simply be suffering from buyer's remorse.First, for the edification of our other readers, the legal right of rescission in real estate gives the consumer the ability to nullify a sales contract within a set period, usually at least three business days after signing it, without paying a penalty. In some states, the period ranges from five to 15 days.

Saturdays are considered a business day in these equations but Sundays are not, nor are federal holidays. Rescission laws are responses to high-pressure sales tactics or potential misrepresentations on behalf of salespeople. They establish a "cooling off" period where buyers can set aside initial sentiments and take a more objective look at the financial realities of their decision. If a real estate transaction is rescinded, all parties involved are returned to their pre-deal positions, with some exceptions in marketing fees incurred by the seller.

Yes, your rescission period elapsed long ago, but it may not be too late to gain relief. Government statutes or regulations in most states require sellers to disclose that right of rescission before you sign the contract. So if you weren't told about this right, it may have negated your contract. But because of varying laws, only your real estate attorney can say for sure. Obviously, you'll be poring over your contract to determine if your rights were clearly spelled out or violated in other respects.Time share sellers often have been sued for not disclosing rescission rights.

In some time share purchases, salespeople even ask buyers to sign waivers giving up their rights to cancel their contracts through rescission, a tactic which is illegal. But once signed, such waivers are often not included in transaction documentation given to the time share buyers, making it difficult to prove their existence.There may be another solution for you. If you paid for part of the time share with a credit card, try contacting the company to determine if they can help you contest the charge since you may have not been afforded your legal rights.

Of course, three months will be considered a long time for you to wait before calling, but some companies are better than others at going to the mat for the consumers after the fact. Generally, credit card companies will adhere to the terms of the contract and/or applicable laws.If you still desire another time share after all this is over -- and I know people who are quite happy with the several they own around the country -- consider buying on the resale market, where you'll get more bang for your buck.