In the timeshare industry, the rescission period is a term that refers to the time you have to cancel your timeshare agreement with the resort where you purchased your vacation membership. It is sometimes called the cooling-off period, as it is the time when you can think about whether you really want to purchase a timeshare with a cool head, rather than an excited one. That is, after you have signed a binding timeshare contract, you are given a certain number of “days grace” to read the terms and conditions carefully.
Timeshare Rescission Period for Consumer Protection
The idea behind the rescission period is to protect consumers and also help the timeshare companies with their sales pitch. When buyers know there is a way out if they make the wrong decision, they are more likely to purchase a luxury good on an impulse. The way that most timeshare sales work is that you get really excited about the wonderful opportunity to own a vacation home at a beautiful resort during the presentation and tour, that you purchase your timeshare in the moment. The rescission period is a buffer to give you a chance in case when you get home you change your mind. Once the emotion and passion has subsided, a minority of people change their mind and so the cooling-off period is aimed at protecting those people.
How long is the timeshare rescission period?
Like any high-street store, timeshare operators give you the chance to change your mind within a certain period of time. The length of time you are given to cancel your timeshare will depend on your timeshare contract and the laws of the country in which you are buying your timeshare but is usually less than 14 days. It is also worth noting that they are calendar not business days. You are best advised to contact your timeshare company directly to find out how long your rescission period is.
What are my rights during the timeshare rescission period?
During this period of time you are able to cancel your timeshare contract and get any money back so long as you have notified the company in writing using the correct cancellation templates. If you have a linked loan, you must also cancel that agreement during the same time period. After this time the only way to cancel the timeshare agreement would be if there was a breach of contract on the part of the timeshare operator, such as the unit was never built etc.