What are my obligations if I change my mind during the cooling off period?
Share
1 Answer
You must login to add an answer.
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Dear Nicola,
If you bought a timeshare and are now regretfull, we can show you the different options to make amends.
The time you have to cancel the purchase (called the rescission period) depends on state law, although it is usually only a few days (3-15).
Read your contract carefully and check if there is a clause on the termination period. The timeshare salesperson won’t tell you about this clause, but probably all you need to know is in your timeshare contract.
Once you read your contract within its termination period, the first thing you have to do is write a letter requesting the cancellation of your timeshare contract, in this case, there are resorts that give you the form to cancel within the rescission period. The cancellation letter or form must include certain information, such as the date of purchase, contract number and description, and buyer data. It is very important that you keep a copy of the letter as proof that you canceled on time.
Most timeshare resorts work with timeshare resale companies, and they will tell you that they can sell your timeshare by making unrealistic expectations.
Sometimes timeshare companies agree to cancel your timeshare contract only if you pay a penalty.
If the buyer properly cancels the contract within the allotted time period, all funds paid must be returned to the buyer.
After the termination period has passed, it becomes more difficult to cancel your timeshare contract, but not impossible.
If the company refuses to accept your cancellation request, it is time to seek professional help. A timeshare lawyer can help you free yourself from the contract.