A timeshare rescission is a legal term that refers to the time after you have purchased a property during which you, as the buyer, have the option to cancel the agreement without being penalized for breaking the contract. The creation of this length of time can protect the consumer who is experiencing buyer’s remorse or has potentially been the victim of fraudulent behavior.
In a nutshell, rescission is the opportunity to change your mind. Each and every contract for a timeshare includes the steps you have to take to nullify the contract during a specific time frame. Although the length of time may vary by state or country, it will be included in all contracts and, if it is exercised, the purchaser is due their complete deposit amount.
The responsibility of knowing how long the timeshare rescission period lays with the buyer. It will be spelled out in the contract, but you should never leave the presentation, especially if you are signing the contract, without knowing the exact time frame. Have the presenter show you, in the contract, where the exact period is spelled out and keep it handy if you change your mind. This period can be anywhere from 5 days to 10 days in the United States. Find the language in your contract addressing how to rescind, and ensure you send it certified return receipt.
If your timeshare rescission period ends while you are still on vacation and you want to cancel, returning to the sales office for help will probably be a waste of time. The salespeople don’t want you to cancel your contract and have little motivation to help you do so. There have been cases where salespeople have fed buyers false information or given them untrue assurances to keep them under contract until it is too late to cancel the contract.
You will have signed a rescission agreement as part of your contract and it will spell out exactly how to cancel the contract. Your attorney, or you, will have to follow the steps in the contract exactly to rescind the agreement. Do not assume that a call or fax will be sufficient to invalidate the contract. In many cases the services of an attorney may be required to finish the process in time. Developers have created the language in the contracts to make the process confusing and time consuming so that the timeshare rescission period will pass prior to the buyer being able to complete it. This leaves the buyer responsible to pay the full timeshare cost in Florida.
If you change your mind about a timeshare, the first thing you should do is contact a timeshare attorney. If you are still in the rescission period, the attorney can get the process completed during the time allowed. Trying to do it on your own can lead to mistakes and the developer does not have to honor your cancellation if it is not done correctly.