Also known as rescission period, this is the amount of time given to a timeshare buyer in which they can cancel their purchase or rescind their contract to purchase.
When going through the process of canceling the purchase of a timeshare interval, the rescission period, or amount of time legally allotted to cancel the purchase, differs from state to state. The amount of time depends of the laws of the state in which the contract has been drafted, some states offer a minimum 7 days, 5 days, or none at all if you’re buying internationally.
If you follow the agreed instructions to notify the developer of you intention to cancel the purchase within the cooling-off period, you can legally void the contract to purchase. This usually entails sending a letter to their owners department. It’s always a good idea to pay for a tracking number or send your rescission letter by certified mail, to ensure you have proof that the developer did get your letter in time.
If you act quickly, you can get out of a contract that you were coerced into signing at a high pressure sales meeting easily and legally.