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Rhode Island Timeshare Laws
Please be advised that you should not act upon any of this information without seeking proper legal counsel from an attorney experienced in timeshare law. Roberts Law Group makes no representation or warranty regarding the accuracy, reliability, completeness, or timeliness of any information provided. This information is provided for information only. All information posted here should not be used as a substitute for the advice of an appropriately qualified and licensed lawyer.
In Rhode Island, timeshare law is governed by the Rhode Island Real Estate Timeshare Act. Chapter 34-41 describes the guidelines for timeshare developer sales laws, resale laws, and advertising laws. The Department of Business Regulation is the agency which oversees enforcement in Rhode Island.
Timeshare Contract Law
Under § 34-41-1.05, if the court finds any timeshare contract or clause within that contract to be unconscionable or unreasonable, they shall decline to enforce that clause or contract. The court can also decide to enforce the remainder of a contract without the unreasonable clause under this timeshare law.
Rhode Island uniquely includes language as to the implied warranties of quality, namely that a developer or seller warrants that a timeshare unit will be in good condition at the time of delivery or possession as it was at the time the contract was entered into. However, these warranties may be excluded or modified. Therefore, it is important to have a timeshare attorney review your documents to determine if the seller is in breach of any terms of the contract.
Right of Rescission
In Rhode Island, the right of rescission or “cooling off” period is five business days, which specifically excludes Saturdays, Sundays, and legal holidays. This period may follow the date that the purchaser signs the timeshare contract or the date in which the purchaser receives all documents required to be delivered by the state, whichever is later. This right cannot be waived nor can the closing take place before this timeshare cancellation period has passed. If the seller attempts to obtain a waiver of this cancelation period from the purchaser, the purchaser then has the option to cancel the contract up to one year after the contract is executed.
Rhode Island Timeshare Foreclosure
§ 34-41-4.09: Under Rhode Island timeshare law, a timeshare foreclosure will be viewed as a traditional mortgage foreclosure.
Click here for more information about the Rhode Island Real Estate Time-Share Act.
Contact us at 1-800-242-0532 for assistance. A lawyer experienced in Rhode Island timeshare law can provide the representation you need to successfully deal with your unique situation.
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