Timeshares are the best way to have the luxurious vacations where you will be creating remarkable memories with your loved ones that will last a lifetime. Being a timeshare member is an excellent financial investment where you can plan all your vacations ahead of time, but pay for them at the rates that they are current today. Although, in the unlikely event you are considering canceling your vacation club membership, you should know that there are rules about when you can legally cancel your timeshare during the cooling off period also known as the rescission period. What exactly is the timeshare rescission period? What does it mean? Read below to learn more information regarding the rescission period and the cooling off period.
How Long Does the Cooling Off Period Last?
With each timeshare provider, the cooling off period or the rescission period may vary, but usually the cooling off period is around 5-14 days after the contract has been signed. The cooling off period protects those people who feel like they made a quick decision in purchasing a vacation ownership membership. You should first check your contract for the specific dates on the cooling off period and how long it actually is. Once the cooling off period has expired, then you are not able to legally cancel your timeshare. However, most members do not want to cancel their vacation club membership and are thrilled with their purchase.
Cooling Off Period Protects Timeshare Members
When someone signs the membership contract, they are in agreement legally with the company provider. The cooling off period was created to protect people and future timeshare members time to be sure that they want to stick to their membership agreement. Sales presentations are filled with a lot of information and people get very excited, but there are a small amount of people that feel they were caught up in the excitement and later on they have buyer’s remorse. The cooling off period was created due to that reason. It allows people to go through their timeshare contract. Most of the timeshare members never consider canceling their membership. Instead, most new vacation ownership members are anxious and excited to start planning their next vacation to start enjoying all the amazing benefits and amenities that come with a timeshare membership.
Timeshare Rescission Period Tips
You have the right to cancel your membership with your provider, and you will get a full refund if you cancel your membership within the rescission period, as stated above. You have to officially request the timeshare membership cancellation, and the request must be done in writing and you have to use the correct forms. You may need to contact your existing vacation ownership provider to make sure you understand the process if you are canceling your membership during the cooling off period. You will also have to cancel the loan, if you took out a loan to pay for your timeshare membership, and this also must be done during the cooling off period. If the cooling period has already passed, then you will be unable to cancel your membership, and your vacation club provider will process the sale of the timeshare, then pay the salesperson their commission. If the timeshare provider broke any of the terms of the contract or have misrepresented themselves, then you can cancel your membership then and only then.
In conclusion, the cooling off period not only protects the buyer, but it also protects the vacation club provider. Usually the cooling off period is 5-14 days once the timeshare contract has been signed. You will not be able to cancel your membership once the cooling off period has passed. The timeshare rescission period has been explained above. We hope the information provided will clearly explain what the cooling off period and the rescission period means.