Timeshares and vacation ownership memberships are an excellent investment for people that want to have amazing and great vacations today, and in the future. When you can actually plan ahead for your vacations and prepay for them, it allows more quality time for you and your loved ones. Also, you will get to pay for all your future vacations at today’s rates with a vacation club membership which saves you money in the long term. Also, you should be aware of rescission period and cancellation rules with timeshares in case you would like to cancel your membership, which is very unlikely. During the cooling off period, or also known as the rescission period, is the time frame when members can cancel their timeshare legally. Continue to read below to learn about rescission period dates for timeshare owners.
Rescission Period Dates for Timeshare Owners
In general, the cooling off period or rescission period dates for vacation club owners is usually 5-14 days once the contract has been signed, but each provider has their own timeshare cancellation rules and regulations. The cooling off period was set up for several reasons. One of the reasons is it will allow those few people who thought they made a rash decision when they invested in vacation ownership. Do you happen to know when your cooling off period is? If you don’t, then you need to go through and read your contract. If the cooling off period has expired, then you are obligated to pay for your timeshare as it is a legally binding contract. Rest assured that most members are very happy that they purchased their membership, and they don’t ever want to cancel it. They are thrilled with all the features, amenities, and services that their vacation club membership provides for them and their loved ones.
Rescission Period Dates for Vacation Club Owners
When a new timeshare member signs the membership contract, they are agreeing with the legal contract with their provider. The rescission period (cooling off) was made to protect all new owners that possibly want to cancel their membership. Sometimes, the sales presentations about vacation ownership opportunities overwhelms some people, but it is rare that some people have buyer’s remorse. The rescission period was created to protect these few people, so they could go back and read through their membership contract again. The reality is most new vacation club members don’t ever think about canceling their contract, and they are very excited about all the future vacations that they will enjoy with their loved ones. Who wouldn’t want each and every vacation to be luxurious?
Rescission Period Tips
During the rescission period, every new member can make use of the timeshare cancellation policy. You probably won’t want to cancel, but if you do, then you will have to request the timeshare cancellation, and it all must be done in writing. You will need to make sure you have all of the right documents that your personal provider needs. You need to call your provider personally if you are wanting to cancel your membership during the rescission period. Also, if you took out a loan for your vacation club purchase, then you will need to also contact them as well, because each loan company has their own regulations and rules. Once the rescission period has expired you cannot cancel your membership, because your provider has already paid the salesperson their commissions and the timeshare sale has been processed.
It is very important that you remember that the rescission period dates for timeshare owners will protect you the buyer along with the provider. You can request a timeshare cancellation, but only during the rescission period, which is usually 5-14 days. If the cooling off period has passed, then you cannot legally cancel your membership. Instead, why not plan your next vacation to Mexico and get ready to have the time of your life!