Buyer Tom purchases a timeshare interest in a South Carolina coastal resort on Monday and receives the public offering statement that same day. On Friday — the fifth calendar day — Tom mails a written rescission notice to the developer. The developer argues that the notice is ineffective because it was not received by Friday. Under the SC Vacation Time Sharing Plans Act, which of the following best describes the validity of Tom's rescission?
Correct Answer
A) Tom's rescission is valid if the notice was postmarked or sent by midnight on the fifth calendar day
Under the SC Vacation Time Sharing Plans Act, a purchaser may rescind by sending written notice to the developer within the five-day period. The rescission is effective upon sending — meaning the notice must be postmarked or transmitted by the end of the fifth calendar day. The developer's actual receipt of the notice after the deadline does not invalidate a timely-sent rescission. This protects purchasers from delays caused by mail delivery.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
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.
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