A South Carolina timeshare developer asks purchaser Linda to sign a clause in the purchase contract stating that she waives her right to cancel the agreement. Linda is concerned about whether this clause is enforceable. Which of the following best describes the legal status of this waiver under South Carolina law?
Correct Answer
C) The waiver is unenforceable because the five-day rescission right cannot be waived under SC law
Under S.C. Code Ann. § 27-32-170, the purchaser's five-day right of rescission is a statutory right that cannot be waived. Any contractual provision purporting to waive or limit this right is void and unenforceable under the SC Vacation Time Sharing Plans Act, regardless of whether the purchaser signs it voluntarily or is represented by counsel.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
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