These days, timeshares and vacation ownership memberships are a smart approach for families who want to enjoy great vacations today. When you prepay and plan ahead for your vacations, it is easier to make time for yourself and your loved ones and don’t let your life slip by. Timeshares and vacation ownership memberships allow you to pay at today’s rates for future getaway, so it works out to be a good way to save money and enjoy down time that we all deserve and want. If the unlikely event you want to cancel your timeshare, you should be aware of timeshare cancellation rules. Members can only legally cancel their timeshare during the cooling off period, also known as the rescission period. Read below to learn more about the timeshare cooling off period so you can be in the know.
How Long is a Timeshare Cooling Off Period?
Although each provider has their own set of rules and regulations, in general the cooling off period last for 5-14 days after the membership contract was signed. The timeshare cooling off period was created for a few reasons. It allows those few individuals who believe that they made a rash decision when they agreed to purchase a vacation ownership membership change their mind within a reasonable period of time. Do you know when your timeshare cooling off period is? If not, read your membership contract to verify dates. Remember, once the cooling off period has ended, you cannot cancel their timeshare and it is a legally binding document. However, most timeshare members are thrilled with their choice, and do not want to cancel their membership. Instead, they are happy to enjoy all the amenities and benefits that a vacation ownership plan offers to create lasting memories with their friends and family.
Verify Cooling Off Dates In Membership Contract
Anytime a new member signs a timeshare membership contract, they are entering into a legal agreement with the timeshare provider. The cooling off period was created to protect future owners and ensure that they want to stick to their timeshare agreement. Sales presentations about vacation ownership opportunities can sometimes be a bit overwhelming with lots of excitement and information.Rarely, some people later feel that they were caught up in the moment and experience belated buyer’s remorse. In order to protect that small group of people, the cooling off period gives new members a few days to go through and read their membership contract very carefully. The vast majority of new members never consider canceling their timeshare. On the contrary, most new owners are thrilled about the great vacations that await them and often start immediately planning their next vacation. Who wouldn’t want to enjoy luxurious amenities and services that come with a quality vacation ownership plan?
Timeshare Cooling Off Period Tips
Now know that you have the right to legally cancel your membership with your timeshare provider during the cooling off or rescission period. In the unlikely event you want to do this, you need to submit an official request to cancel. The cancellation request must be done in writing, and you need to use the appropriate documents that your provider requires. Contact your timeshare provider directly if you are canceling your membership during the cooling off period. Another thing to think about it is, did you take out a loan for your vacation ownership investment? If you did, you will also have to cancel the loan. Each loan company has their own rules so it is recommended that you contact the loan company immediately before you take any further action. Lastly, if the cooling period has already passed, you are unable to cancel your membership. Your timeshare provider has processed the sale of the timeshare, and paid out commissions to the salesperson who worked with you.
Remember, the cooling off period protects the buyer and the timeshare provider. Remember, no one can cancel their timeshare membership after the cooling off period which usually lasts 5 to 14 days has ended. We hope the above information has helped you.