If a buyer rescinds a timeshare sale, how long does the seller have to return the money?

In the context of timeshare sales in North Carolina, when a buyer decides to rescind their purchase, the law stipulates that the seller has a specific timeframe to return the buyer's money. The correct answer indicates that the seller must return the funds within 30 days after the buyer has submitted their notice of rescission. This regulation is intended to protect consumers and ensure that they have ample opportunity to reconsider their purchase decision.

Understanding this timeframe is crucial for both buyers and sellers in the real estate industry, particularly in the realm of timeshares, where impulsive decisions can sometimes lead to buyer's remorse. This legal requirement creates a balance between consumer protection and the responsibilities of sellers, making it clear that buyers have rights that must be respected following a rescission.