A rescission period is a short period of time granted by law to cancel your timeshare. You resort was required to disclose this period of time to you at the time of purchase. To find the period, review the paperwork that the resort provided to you at the time of purchase. It varies from state to state; some states do not have any, but most range from 5 – 10 days. No resort’s cancellation policy or contract can supersede these consumer protection laws, which also known as “cooling off periods”.
Rescission period laws were created to give consumers time to rationally think about their purchase on long term expensive commitments that lock people into contracts. Most commonly with:
- Life Insurance
- Mortgages
- Auto-loans
- Alarm Systems
- Timeshares
The term “cooling off period” was coined because it accurately reflects the heated mood of the buyer in high-pressure sales atmospheres, which are associated with these types of products. Often because decisions made in these atmosphere, are made on emotion rather than sound financial reasoning. The rescission period ensures time for the purchaser to come to their senses and consider whether they really want or can afford the product or service without the sales staff pressuring them.
Timeshare resorts must disclose the rescission period to you during your purchase. Plus clearly explain how you can opt-out of the contract within the stated period. Most states also require the resort to make you sign a separate document that acknowledges the rescission period to make this right known to you. If they did not, it is often legal grounds for you to cancel your contract after the period has passed.
If the resort did not disclose this rescission period to you, please contact one of our timeshare advocacy specialists immediately. They can further assist you in this matter and provide you with what additional information on what steps you can take to help you cancel the contract.
