Recent amendments to the Civil Code of Aruba now provide an extended consumer protection law for the buyers of time-share in Aruba. The need for such protection was encouraged by the Senate of Aruba as well as the Time-Share industry. Reasons for this introduction include but are not limited to: (high and/or soft pressure) sales-tactics that may be used and the happy “vacation-mood” that the buyers are in when they are vacationing on our lovely island. The law also prescribes for the sellers to provide adequate information to the (prospective) buyers.
The legislation provides a time-share buyer with a “cooling-off-period” of 5 days after he/she has signed the purchase agreement to terminate the agreement without cause. Such termination must be in writing and under Aruba law the buyer must make sure that the notice is received within the time allotted. Any notice received after the stipulated 5 days is late and can at the discretion of the time-share seller be discarded. If payment in full has been made the time-share seller is obligated by law to promptly refund the payment in full. Any penalty for cancellation is limited by law to a maximum of 3 percent of the purchase price. Based on an average sale price of US$ 10,000.– this would amount up to US$ 300.–, which is deemed reasonable.
The legislation includes a very broad definition of “time-share”, which I believe is appropriate, based on past experiences in my practice with certain time-share sellers.
Bottom-line is that if you stumble into a time-share sales office, hit a few Aruba Ariba’s or Long Island Iced teas, get motivated to buy a time-share, sign the dotted line and swipe the first payment via your credit card(s)….you can now – after the hang-over – within 5 days cancel the purchase without cause with a minimal penalty. I just hope that your hang-over doesn’t last longer than 5 days.