If you have recently purchased a timeshare, you must take your time to carefully read and understand the contract so that you are well-aware of the clauses to cancel timeshare if required. The rescission period on the contract usually refers to the time frame in which the buyer has the right to cancel the agreement without any fine. This time period protects buyers who may have bought a timeshare under the high pressure of a sales pitch but may not really want it.
What It Means for The Consumer?
Rescission period is another name for a cooling-off or a cancellation period. Each and every timeshare contract must have a rescission period that gives you the right to cancel your contract within the designated time frame. If you decide to cancel the timeshare during the rescission period, the company is entitled to give you a full refund on the amount you have deposited.
How Long Is the Rescission Period?
This varies for different resorts and different states. Usually, in the United States, it can be anywhere between 5 days to 2-3 weeks. In some states, it is as short as 3 days as well. In Mexico, the rescission period is 5 days, even if it may not be stated in the contract. It is usually 14 days in UK and around 10 days in Europe.
Getting Legal Timeshare Assistance
If you want to cancel your contract, it is best to get the assistance of a lawyer to help you get your money back without much hassle. Since they have the expertise to handle timeshare disputes, they will be able to manage your case much better than you could do yourself.
If you decide to cancel your timeshare post the rescission period, you can either sell it or get a transfer service to get out of the timeshare and its financial responsibilities.