When you have attended a timeshare presentation and bought a timeshare unit, once you have signed the contract there is a limited time span in which you can cancel your timeshare. This length of time is called the “cooling off period”.
Just as the name suggests, the idea is that during the presentation and tour you get really excited about the wonderful opportunities that were shown to you but perhaps once the emotion and passion has subsided you change your mind and the excitement “cools”. Like any high-street store, timeshare operators give you the chance to change your mind within a certain period of time.
How long is the cooling off period?
That depends on your contract and the laws of the country in which you are buying your timeshare, but usually you have within 7 to 14 days. A cooling off period longer than 14 days is unusual. It is also worth noting that they are calendar not business days, so if you are on vacation for two weeks and have bought a timeshare on your first day and wish to cancel, you will need to do so before your leave.
What are my rights during the cooling off period?
During this time you are able to cancel your timeshare contract and get any money back so long as you have notified the company in writing using the correct cancellation pro-formas. If you have a linked loan, you must also cancel that agreement during the same time period. After this time the only way to cancel the timeshare agreement would be if there was a breach of contract on the part of the timeshare operator, such as the unit was never built etc.
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