Time is of great essence in timeshare cancellation. There is a need to act fast within the opportunity period in the timeline agreement. This period where the buyer is allowed to back out of a timeshare deal is known as the rescission period. It is also called the cooling-off period. This always lasts for a few days after the reaching of the timeshare agreement. During the Rescission period, the buyer gets a chance to evaluate the deal, weigh the pros and cons, and finally decide if it’s good to forge ahead or call for cancellation.
There are many reasons that can make a buyer decide on timeshare cancellation. It may be because the property isn’t up to the expected standard, fees never planned for yet need to be paid, expensive maintenance, etc. However, no matter what the reason is, and even if there’s none, initiating timeshare cancellation within the Rescission period guarantees a smooth process.
There are various factors that determine the Rescission period of a timeshare agreement. The location of the property, the place where the agreement is signed, are two of the factors. In some places, weekend days aren’t counted as a part of the Rescission period days. The rescission period varies from state to state, resort to resort, and even nation to nation. The rescission period is 14 days in the UK and 10 days in some other European countries. In the US, 3 days is the generally acknowledged Rescission period. However, the cooling-off period varies from state to state. Nevada, New Hampshire, Missouri, North Carolina, Oklahoma, Oregon, Rhode Island, South Carolina, Utah, Wisconsin, Idaho, Illinois, etc. all have 5 days Timeshare cancellation period. It is 3 days in Vermont, Ohio, Nebraska, Massachusetts, Kansas, and Indiana. Mississippi, Montana, Louisiana, New Mexico, New York, etc. have 7 days cooling-off period.
Sometimes, cooling-off days may be shortened or prolonged as agreed between the seller and the buyer.
A lot of troubles may ensue if the buyer fails to initiate and complete the process of timeshare Cancellation before the Rescission period expires. Timeshare cancellation comes with penalties paid by the buyer if initiated after the expiration of the Rescission period. It may also open up legal issues and lots of other side troubles that could have been avoided. Also, Rescissions initiated after the expiration of the cooling-period hardly works out. Therefore, it’s good to play safe by working the process in the Rescission days. All that’s needed to be done to cancel timeshare is to review the agreement, write a cancellation letter and forward it to the timeshare company involved through the appropriate channel. Job done!