If you are wanting the best vacation experience to make memories that will last forever with your family and friends, then you should consider a timeshare. Timeshares which are also known as vacation ownerships, are not just a way to have wonderful vacations, but they are also a wonderful financial investment where you will have the ability to plan future vacations, but only pay today’s rates. Although, if you purchased a timeshare and you want to cancel your membership, you can do so if it is during the rescission period, also known as the cooling off period. During the rescission period is the only time you can legally cancel your timeshare. Read below if you want to know how does a timeshare rescission work, and how it not only helps the vacation club owners, but also the timeshare provider.
Rescission Period: How Long Does it Last?
You need to know that each timeshare provider has their own rescission or cooling off period, but they are normally around five to fourteen days after the membership contract has been signed. Check your personal contract for specific dates. The rescission period was designed to protect the small amount of individuals that regret their decision in their timeshare investment. All of the specific dates and details will be listed on your membership contract, and it will tell you how long the rescission period is for you. After the rescission period has already passed, then legally you cannot cancel the timeshare.
Rescission Period: Created to Protect All Timeshare Members
Once the timeshare contract has been signed by the individual, the individual has legally agreed to the contract with the timeshare provider. The rescission period was created to protect all consumers and to give members additional time to think about their purchase. Most sales presentations are exciting and full of information, and a few and small number of people feel that during that time they were caught up in the excitement, and they regret their purchase later. However, the majority of timeshare members are very happy with their membership, and they don’t ever want to cancel their membership. In fact, most new members are anxious to start planning their future vacations, and begin using their timeshare membership as soon as possible.
Timeshare Rescission Period Advice
Remember, you have the right to cancel your membership with your provider legally if it is during the rescission period. Your money will be refunded if you cancel during this time. The rescission period is when you must submit an official written cancellation request, and you must use the proper forms when you are requesting a timeshare cancellation. You should contact your existing provider to make sure that you are following the appropriate process in the unlikely event that you want to cancel your timeshare during the rescission period. You will also have to cancel the loan during the rescission period if you took out a loan for the vacation club purchase. You will not be able to cancel your membership once the rescission period is over. As soon as the rescission period is over, the timeshare provider will then process the sale, so they can pay any commissions to the salesperson who coordinated the timeshare sale. There is one exception to canceling the timeshare after the cooling off period has ended, and that is if the provider broke any of the terms in the membership contract. In conclusion, the rescission period was designed to protect both timeshare buyers and providers. The rescission period is typically five to fourteen days after the contract was signed by the buyer. You have read above how a timeshare rescission period works, and we hope the information that we have provided will assist you with your timeshare membership so you can enjoy your investment and your timeshare purchase.