What is Rescission?
Rescission periods, also known as "cooling-off periods," vary from state to state, but standard policy is that, should the buyer choose to cancel their purchase agreement within the stated Rescission period, he or she is entitled to receive a full refund on the purchase deposit. It is recommended that before the Rescission period has expired, buyers have a lawyer look over the resort constitution, timeshare agreement and any documents they may have signed for the purchase agreement.
In the United Kingdom, the Rescission period is generally 14 days. Elsewhere in Europe, it is 10 days. Mexico allows for 5 days to cancel a timeshare purchase agreement, and in the US the Rescission period varies from state to state but is typically 3 business days. See also: Cooling-Off Period.