What Is The Rescission Period On A Timeshare?
What is Rescission?
Rescission is not a strange word, especially if you have just bought a timeshare. Rescission is simply the act or process of canceling a contract and returning any property included in the contract. That’s clear now, is it not? Generally, the parties involved in this contract would be you, your timeshare lawyer — who is, in fact, your greatest asset here, and a representative from the timeshare office.
Rescission Period on a Timeshare
The rescission period of any contract refers to the time immediately after concluding a deal. The buyer has the right to back out as though the contract never existed. It’s more commonly referred to as the ‘cooling-off’ period. If the signing party changes their mind about a contract and properly rescinds it, such a contract is rendered null and void with any deposits being returned.
A variety of factors usually determines the actual length of the timeshare rescission period. This includes the exact place the contract was signed or, in some cases, where the actual timeshare property is located. However, the rescission should generally not exceed ten days; hence, signees should be aware of the importance of making a prompt decision.
In signing a timeshare contract, it’s crucial and in your best interest to be fully aware and carefully consider the timeshare rescission period.
Be sure to confirm your rights to cancel while you sign the necessary documents with the closing representative and ask them to point it out in your documents.
For the most part, the cooling-off period of the contract expires before you return home from your holiday. If you eventually decide to rescind the contract during your trip, it’s recommended that you do so without visiting the timeshare office and asking for assistance.
Of course, they should guide you through the process, but it doesn’t mean they will. You can be pressured out of your decision or even lied to about your right to cancel the contract.
It’s also important to consider the exact language used in the contract and all other documents you received at the initial stages of the deal. The documents should be gone over by you and your timeshare lawyer. It is one of those things you want to be read and examined by your timeshare lawyer.
It’s advisable to have your timeshare lawyer by you when you sign your contract. Sometimes, there’s a deliberate attempt to mislead you by using words that are rather vague or ambiguous. Your lawyer will easily spot any attempt at deception and will be able to protect you should you decide to rescind.