Timeshares are a great way to make the most
Timeshares are a great way to make the most
Cooling Off Period: How Long Does It Last?
While the cooling off or rescission period varies among vacation club providers, many typically are around 5 to 14 calendar days after you have signed your membership contract. This cooling off period is designed to protect those few individuals who feel like they made an impulsive decision investing in a timeshare, and regret the commitment. Make sure to check your contract for specific dates and details on exactly how long your cooling off or rescission period is. After the cooling off period passes, you are unable to legally cancel your timeshare.
Cooling Off Period: Designed to Protect Members
Anytime an individual signs a membership contract, they are solidifying a legal agreement with the timeshare provider. The cooling off period was developed to protect consumers or potential members who want time after signing the timeshare contract to give it more thought. Since timeshare presentations can often be a whirlwind of information and excitement, a small number of individuals feel as if they were caught up in the moment and have buyer’s remorse later. Because of this, the cooling off period allows for some days to review the contract although the majority of timeshare members do not want to cancel their membership. It is more likely, they want to begin planning their next vacation so they can use their exciting new timeshare membership to start making great vacation memories as soon as possible.
Tips Regarding Timeshare Rescission Period
As stated above, you legally have the right to cancel your timeshare membership with the provider and get all of your money back as long as you cancel within the rescission period. In order to officially request cancellation of your vacation club membership, the request must be submitted in writing using the correct forms. Check with your existing provider to make sure you follow the correct process if you decide to cancel during the cooling off period. In addition, if you took out a loan to finance your timeshare membership, make sure you also cancel the loan within the cooling period as well. After the cooling off period has passed, you are unable to cancel the timeshare and the vacation club provider will officially process the sale and pay out any applicable commissions to the salesperson. The only exception to this rule would be if the timeshare provider broke the terms of the contract themselves such as never completing construction of the resort you invested in.
In conclusion, the cooling off period is designed to protect both consumers and timeshare providers and typically lasts around 5 to 14 days after a timeshare contract is signed. After the cooling off period has passed, you will be unable to legally cancel your timeshare and get a refund. We hope this article has explained what a cooling off or rescission period is in regards to timeshare membership and investment.
