Cancellation.

(1) A purchaser has the right to cancel the contract until midnight on the 10th calendar day after the later of:

(a) The execution date of the contract; or

(b) The day on which the purchaser received the last of all documents required to be provided to him or her, including the notice required by s. 721.07(2)(d)2., if applicable.

(2) This right of cancellation may not be waived by any purchaser or by any other person on behalf of the purchaser, and any attempt to obtain a waiver of the cancellation right of the purchaser is unlawful. If a purchaser waives, knowingly or unknowingly, his or her right of cancellation and a closing occurs, such closing is voidable at the option of the purchaser for up to 1 year after the date that would have been the expiration of the cancellation period under subsection (1). Furthermore, a closing may not occur until the cancellation period of the purchaser has expired, and if a closing occurs before the expiration of the cancellation period, such closing is voidable at the option of the purchaser for up to 5 years after such closing. However, nothing in this section precludes the execution of documents in advance of closing for delivery after expiration of the cancellation period.

(3) Any notice of cancellation shall be considered given on the date postmarked if mailed, or when transmitted from the place of origin if telegraphed, so long as the notice is actually received by the developer or escrow agent. If given by means of a writing transmitted other than by mail or telegraph, the notice of cancellation shall be considered given at the time of delivery at the place of business of the developer.

(4) In the event of a timely preclosing cancellation, the developer shall honor the right of any purchaser to cancel the contract which granted the timeshare purchaser rights in and to the plan. Upon such cancellation, the developer shall refund to the purchaser the total amount of all payments made by the purchaser under the contract, reduced by the proportion of any contract benefits the purchaser has actually received under the contract prior to the effective date of the cancellation, as required by s. 721.06. Such refund shall be made within 20 days of demand therefor by the purchaser or within 5 days after receipt of funds from the purchaser’s cleared check, whichever is later.