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Contract rescission (cancellation)... (by KC):

cindyd373 wrote:

Thank you very much for your very detailed answer. I will do that tomorrow. I also reported to my bank and narrated everything to them and so with the contract that I can cancel within 10days. They said I can get the money back but i will still mail the cancellation letter just to make sure it is binding.

Thanks much!

You are very welcome. Keep clearly in mind that your financing details and your contract are completely separate and unrelated obligations (from a legal perspective). In essence, you do not and you cannot "cancel" a contract by any means other than formally rescinding it directly with the developer --- in writing, under signature and within the specific time frame allotted by state law. Period, amen.

Disputing the charge with your bank (or even cancelling the credit card entirely) has absolutely no bearing whatsoever on the legal validity and legal obligations of the contract that you executed. It's the contract itself that needs to get cancelled and your bank frankly has no power or legal authority of any kind regarding a valid executed contract. Conversations with your bank are therefore almost irrelevant. Cancelling the contract itself is all that really matters here. It is also worthy of note that you would not subsequently win a charge dispute anyhow if the only basis for challenging the charge in the first place was your own "buyer's remorse". The developer has in hand a valid, signed contract that would ultimately prevail over everything else.

By law, the developer has no other choice or option other than to process your properly and timely submitted cancellation and issue a 100% refund of your deposit (that last part could take up to 45 days by law, but likely won't take that long) --- but you MUST file the written and signed rescission properly, in time, and send it to the correct address.

Tick tock...