Delaware Code Title 6 Sec. 2825 – Contracts
The seller shall deliver to the purchaser a fully executed copy of the contract, which contract shall include at least the following information:
(1) The actual date the contract is executed by the purchaser.
(2) The name of the seller and address of the principal place of business.
(3) The total financial obligation imposed upon the purchaser by the contract, including the initial purchase price and any additional charges which the purchaser may be required to pay.
(4) A description of the nature and duration of the plan being purchased.
(5) A statement that the seller, salesperson or any other person who is in the business of offering for sale or transfer the rights under contracts for a fee is required by this chapter to provide each purchaser of a vacation time-sharing plan with a copy of the seller’s disclosure statement prior to execution of such contract and that a failure to do so is a violation of this chapter.
(6) The following statement shall appear in the contract, under its own paragraph, immediately above the space reserved in the contract for the signature of the purchaser, in boldfaced type of a minimum size of 10 points:
“PURCHASER’S NONWAIVABLE RIGHT TO CANCEL”
shall appear at the beginning of said paragraph in boldfaced type of a minimum of 10 points, immediately preceding the following statement:
________(Date of Transaction)
“YOU MAY CANCEL THIS CONTRACT WITHOUT ANY PENALTY OR OBLIGATION WITHIN 5 BUSINESS DAYS FROM THE ABOVE DATE.
IF YOU CANCEL, ANY PAYMENTS MADE BY YOU UNDER THE CONTRACT AND ANY NEGOTIABLE INSTRUMENT EXECUTED BY YOU WILL BE RETURNED WITHIN 15 BUSINESS DAYS FOLLOWING RECEIPT BY THE SELLER OF YOUR CANCELLATION NOTICE, AND ANY SECURITY INTEREST ARISING OUT OF THE TRANSACTION WILL BE CANCELLED.
IF YOU DECIDE TO CANCEL THIS CONTRACT, YOU MUST NOTIFY THE SELLER IN WRITING BY CERTIFIED MAIL OF YOUR INTENT TO CANCEL. YOUR NOTICE OF CANCELLATION SHALL BE EFFECTIVE UPON THE DATE SENT AND SHALL BE SENT
TO: ________ (Name of Seller) AT ________ (Address of Seller)
NO PURCHASER SHOULD RELY UPON REPRESENTATIONS OTHER THAN THOSE INCLUDED IN THIS CONTRACT.”
If no interest in real property is being conveyed, the contract shall also contain the following statement:
“YOU MAY ALSO CANCEL THIS CONTRACT AT ANY TIME AFTER THE ACCOMMODATIONS OR FACILITIES ARE NO LONGER AVAILABLE AS PROVIDED IN THIS CONTRACT.”
(7) The full name of all sales persons involved in the execution of the membership camping resort contract.
Terms Used In Delaware Code Title 6 Sec. 2825
- Accommodations: means any apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room or any other structure which is situated on real property and designed for occupancy by one or more individuals. See Delaware Code Title 6 Sec. 2822
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Facilities: means any structure, service, improvement or real property, whether improved or unimproved, which is made available to the purchasers of a time-sharing plan. See Delaware Code Title 6 Sec. 2822
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means any individual, corporation, partnership, company, unincorporated association or any other legal entity other than a government or agency or a subdivision thereof. See Delaware Code Title 6 Sec. 2822
- 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
- Salesperson: means an individual, other than a seller, who offers to sell a contract by means of a direct sales presentation, but does not include a person who merely refers a prospective purchaser to a sales person without making any direct sales presentation. 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