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Cooling Off Period: How Long Does It Last?
Although each specific timeshare provider has their own rules and regulations, on average the cooling off period or the rescission period usually lasts around 5-14 days after the membership contract was signed. The cooling period was put into place for a variety of reason. The cooling off period protects those few individuals who may realize they made a rash decision when they agreed to purchase a vacation ownership membership. Want to know when your cooling off period is? Make sure to thoroughly read your contract and check for the specific cooling off period dates which will be stated in the membership contract that you signed. Remember, after the cooling off period has ended, members are unable to cancel their timeshare as it is a legally binding document. The reality is most timeshare members do not want to cancel their membership, and instead are thrilled with their purchase and enjoy all the amenities and benefits that a vacation ownership plan offers.
Cooling Off Period – Check Contract For Dates
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 implemented in order to help protect future owners to ensure that they want to stick to their timeshare agreement. Sales presentations about vacation ownership opportunities can be a bit overwhelming with lots of excitement and information, and 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 was implemented as a safeguard. The cooling off period than allows people a few every days to go through and read their membership contract very carefully. However, 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. They often start immediately planning their next vacation so they can enjoy amazing benefits and luxurious amenities that are part of a quality vacation ownership plan.
Cooling Off Period Tips
So you now know that you have the right to legally cancel your membership with your timeshare provider and get a full refund if you within the cooling off or rescission period. In the unlikely event you want to do this, make sure you submit an official request for the timeshare membership cancellation. 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. In addition, did you take out a loan for your vacation ownership investment? If so, you will also have to cancel the loan. Each loan company has their own rules as well so make sure you contact the loan company immediately as well. Lastly, if the cooling period has already passed you are unable to cancel your membership at all, and your timeshare provider will process the sale of the and pay out commissions to the salesperson who assisted you during the buying process. If the unlikely event a timeshare provider broke any of the terms of the contract or misrepresented themselves, then you can cancel your membership as well.
To conclude, the cooling off period protects the buyer and also the timeshare provider. On average, the cooling off period is 5-14 days after a contract has been signed. Remember, no one can cancel their timeshare membership after the cooling off period has passed and ended. We hope the information provided above about cooling off and rescission periods has helped you. Now, how about planning your next vacation and start making great use of your amazing investment of quality and luxurious vacations at a great price?