What is Timeshare Rescission Period
You came across an impressive property, stunning amenities, helpful staff, and you felt as if you could live there forever. Then, all of a sudden, the bill hits up your bank account, and the recurring financial implications begin to sink in. It is not uncommon that new timeshare owners quickly rethink their purchase decision. In cases like these, it is always good to explore before making a decision.
What is the Timeshare Rescission Period?
The idea of owning a timeshare may seem like a dream come true, but it comes with many problems that urge timeshare owners to look after cancellation right after purchasing it. So, don’t forget to check everything before signing those dotted lines.
State law realizes that often buyers feel pressured in making an unwanted purchase of timeshare because of a notorious salesman and shady pitches. However, buyers always have a right to walk away from forceful deals at any point in time. You just need to take action within seven calendar days of signing the procurement contract or receiving the timeshare public report, whichever is later. No timeshare company can waive this right or force you to give up your cancellation plans or even reduce the recession period.
In case you fail to withdraw the contract within a week of the rescission period, your cooling-off rights may expire. However, you may still be qualified to terminate the agreement. If the timeshare agent distorted the timeshare cancellation interval or the investment’s financial returns, you could file a lawsuit. You can also sell your timeshare on the resale market.
To begin with, you have to write to the seller explaining that you wish to discontinue the contract. Some contracts come with a preprinted rescission application for you to fill and submit. The agreement must include the name and address of the company or individual to connect with. You can contact your agent to know whether you should hand-carry your application or send it by certified mail.
As long as you timely inform the seller in writing that you want to revoke the deal within the given seven-day time period, the contract will get canceled, and the seller must refund your deposit. It is not mandatory to have, or give, a reason for the cancellation. Timeshare companies can never impose a cancellation fee, even if the contract mentions it. If they ever ask for a payment, you should legally refuse it.
To help you with Timeshare cancellations, we are always here. Contact us today!