In the timeshare industry there are many safeguards in place to protect both consumers and providers, and the timeshare rescission period—or cooling off period—is one of those protocols which really benefits the customer. This period allows the consumer to step back and look at their contract with a calmer, clearer, and, yes, “cooler” head.
The timeshare rescission period was introduced for consumer protection. When you sign a timeshare contract you are entering into a legally binding agreement; the rescission period is designed to give you some leeway to be able to think carefully about the contents of our contract. After all, timeshare companies make their sales presentations as exciting as possible to hype up the customers and really sell their product. People who buy often do so under the weight of that excitement, and though very few change their minds during the cooling off period, it’s definitely a good thing that this is in place to ensure that every consumer has the ability to make that choice.
Timeshare companies benefit too
Timeshare companies also welcome the rescission period. It means they are not vulnerable to cancellation after the rescission period has passed. In that way, they can start to process the timeshare sale and pay commissions etc, freely.
How long is the rescission period?
The most common rescission period is between 5 and 14 calendar days from signing, but the truth is that the cooling off period can vary in length depending upon your contract and the country in which you’re signing. Countries set the minimum, but some companies will offer a longer or shorter period as a matter of policy.
What are my rights during the timeshare rescission period?
During your cooling off period, you have the right to cancel your contract with the provider and get all of your money back. All you need to do is submit your cancellation of the agreement in writing by using the correct pro-formas. If you have a loan linked to this you must also cancel the loan within the cooling period.
After the timeshare rescission period has ended, you will find it unlawful to cancel your timeshare and get a refund unless you can prove/show that your provider broke the terms of the contract themselves (for example, if they never completed the construction of the resort in which you invested). In such cases, you are dealing with fraud rather than timeshare cancellation.
Recommended article: Can I cancel my Villa del Palmar Timeshare Contract?