What Is The Rescission Period For Your Timeshare?
The rescission period of your timeshare typically refers to the period of time after you’ve purchased a timeshare property during which the purchaser has the right to cancel their agreement without penalty. The enactment of rescission periods protects consumers who may have purchased a timeshare unwillingly due to high pressure sales techniques.
Rescission period is a fancy way of saying cancellation or “cooling off” period. Every timeshare contract includes information regarding your rights to rescind, or cancel, your contract, within a designated time frame known as a rescission period. This time frame varies from state to state and country to country, but it is still policy that should a buyer decide to cancel their agreement within the predetermined rescission period, that person is entitled to a full refund on the amount deposited.
The actual rescission period may vary from state to state, and resort to resort. In the United States, the recession is known to be anywhere between 5 days and 2-3 weeks though in some states it can be as short as 3 days. Mexico practices a universal 5 day rescission period even if it’s not explicitly stated in the contract. The recession period in the United Kingdom is usually 14 days, but anywhere else in Europe, it’s 10 days.
If you recently made an impulse purchase on a timeshare, then you may want to consider getting out of your timeshare while you still can and before it’s too late; you must act fast. It is highly recommended that you get a lawyer involved and have him/her review any legally binding agreements you might have to ensure that you’re not stepping over anyone’s toes.
Timeshare owners who decide well after the rescission period that they don’t want their timeshare anymore usually try to sell their timeshare or utilize a timeshare transfer service to get out of their timeshare contract and the financial responsibilities that come with it.
