Timeshare rescission is the process of cancelling your timeshare contract within the rescission period, also known as the cooling-off period.
The ability to cancel a timeshare contract in this period is regulated by state law in most states in the United States, and by PROFECO in Mexico. Every timeshare contract has a built-in rescission period based on what state or country you bought your timeshare in.
This rescission period is a great tool for combatting timeshare fraud, as it gives victims a chance to quickly rectify the situation once they realize they’ve been scammed. However, it’s not perfect. The longest rescission period is 15 days, but most fall in the 3-5 day range.
Many times, these rescission periods lapse before you even return from vacation, particularly if you purchase in Mexico.
Think about the vacation during which you bought your timeshare. Did you buy on the first day or the last day? How long did the sales presentation last? When did you realize that the timeshare salesperson had lied to you, or that you simply didn’t know what you were purchasing? For some, the realization they’ve been scammed doesn’t come until months later.
If you’re a timeshare owner looking to cancel your contract, you can learn more about how to do that with our Free eBook about timeshare rescission. We cover the basics, as well as what to do if you’re already out of your rescission period but were the victim of timeshare fraud.