The Importance of Understanding Your Timeshare Rescission Period
The rescission period of any given contract refers to the time immediately after reaching the deal during which the buyer has the right to back out of the deal as if the contract did not exist. More commonly referred to the ‘cooling off’ period, it’s the period following the signing of the contract and the time is limited. In the event that the signing party changes their mind and properly rescinds the contract, the contract is rendered null and void with any deposits being returned. In terms of the actual length of the timeshare rescission period, this will be determined by a variety of factors, including the state in which the contract is signed or in some cases where the actual timeshare property is located. Generally speaking, however, it will extend for no more than ten days, which in turn means that signees should be aware of the importance of making a prompt decision.
It’s important for anyone signing a timeshare contract or any kind of similar contract to carefully consider the timeshare rescission period. Ask about your right to cancel while you are signing the documents with the closing representative and ask them to point it out in your documents.
Generally speaking, the cooling off period of the contract will expire before you return home from your holiday. Should you decide to cancel the contract during your trip, it’s important to do so without heading back to the timeshare office and asking for help. It’s their duty to guide you through the process, but this doesn’t mean they will – chances are they’ll instead pressure you out of your decision or in some cases lie to you about your right to cancel the contract. Perhaps worse still, it’s not uncommon for those at the office to say they accept your cancellation and promise to make the necessary arrangements, only to then leave the contract open and ensure that the timeshare rescission period expires in order to leave you still responsible for the contract.
It’s crucial to take into account the exact language used in the contrast and all other documents you received when first setting up the deal. These should be gone over, both by you and by your attorney – not simply explained to or read to your legal representative. What’s more, if there’s so much as a word that seems deliberately complicated, misleading, vague or could have more than one meaning, there’s a good chance such content is being used for reasons of deception. Should you decide to exercise your right to cancel, exactly how to do so will be explained in the documents and must be followed to the letter, otherwise the seller may not accept your cancellation.
In the event that you are trying to make a cancellation and are either unsure of what to do or being deliberately obstructed, it’s important to seek legal representation immediately. The longer you leave it, the higher the chance of you exceeding the allocated rescission and being forced to stay in the contract, which is of course exactly what those selling the timeshare want.