What is a Cooling-Off Period?
The Cooling-Off Period, also commonly referred to as Rescission, refers to the period of time following the purchase of a timeshare property during which a buyer may cancel the agreement without incurring monetary or legal penalties. This period of time is put in place to protect buyers who may have purchased timeshare under duress caused by aggressive sales techniques, for example. Before the Cooling-Off Period has expired, it is recommended that buyers have a lawyer look over the specific timeshare agreement, resort constitution, and any legally biding documents they may have signed upon purchase of their timeshare.
The Cooling-Off Period varies from resort to resort, state to state, but there are some general guidelines to follow. In the United Kingdom, the Cooling-Off Period is 14 days, in other parts of Europe it is 10 days, in Mexico it is generally 5 days, and in the US, the period of time within which buyers may cancel their purchase differs from state-to-state, but is generally 3 days.