You may have experienced a pressure-filled timeshare sales presentation and yielded to enormous ‘buy-right-now” coercion. The reality hits.
You did sign on the dotted line of a legally binding contract, against your better judgment.
What have I done? Why didn’t I wait take the time to understand the details, before signing the contract? You begin reading the contract and wonder, can I get out of a timeshare contract? Can I rescind my timeshare contract within the rescission period?
What is a rescission period? Within the world of contracts, this is a period of time in which you can revoke, cancel or repeal that impulse buy made in signing the timeshare contract. The same holds true of other types of financial contracts, where the intent is to allow a consumer his or her moment of “buyer’s remorse”.
With all of your research and second thoughts, you decide you want out of your timeshare contract. Fortunately, most states offer a rescission period, a short period of time after the contract signing that allows you to cancel or rescind your contract without cause or affect. In other words, you don’t need a reason, and by exercising your right to cancel, you will not suffer a negative impact. It will be like it never happened!
If your decision is within the timeshare rescission period that applies in the state that you made your purchase, you may complete the timeshare rescission paperwork and send it to the developer for timeshare cancellation. Always use certified mail, when sending any paperwork, in order to have a paper trail of your activity.
Many states require developers to include in the sales presentation and documents details about your right to rescind the contract and the timeshare rescission period in force for your purchase. Those documents also should include the paperwork required to complete the timeshare rescission process. Despite state-required documents and rescission periods, representatives may try to obstruct those who want timeshare cancellation.
Below is a basic partial listing of timeshare rescission periods by state to give you a starting point for your research. A good site for more information is www.NOLO.com , offering a state rescission period chart with direct links to laws that apply to each state.
Our network of retained timeshare attorneys will protect your timeshare cancellation rights.
|Arizona||5 calendar days after purchase|
|California||7 calendar days after purchase|
|Colorado||5 calendar days after purchase|
|Florida||10 calendar days after purchase|
|Georgia||7 calendar day, except Sundays & holidays|
|Hawaii||7 calendar days after purchase|
|Illinois||5 calendar days after purchase|
|Louisiana||7 business days after purchase|
|Massachusetts||3 business days after purchase|
|Missouri||5 business days after purchase|
|Nevada||5 business days after purchase|
|New Mexico||7 business days after purchase|
|New York||7 business days after purchase|
|North Carolina||5 business days after purchase|
|Ohio||3 business days after purchase|
|Oregon||5 business days after purchase|
|Pennsylvania||7 business days after purchase|
|South Carolina||5 business days after purchase|
|Tennessee||10 calendar days if purchaser inspected site, 15 calendar days if purchaser never saw the site, and time limit doesn’t begin until the purchaser receives the public offering statement|
|Texas||6 business days after purchase|
|Utah||5 business days after purchase|
|Virginia||7 calendar days, unless 7th day is a Sunday or legal holiday|
|West Virginia||10 calendar days after purchase|
|Wisconsin||5 calendar days after purchase|