Timeshare - Cancellations To The Timeshare Contract

Cancellations To The Timeshare Contract

Timeshare sales are often high-pressure, fast-moving affairs. Some people get caught up in the excitement of the sales presentation and sign a contract; only to realize later that they may have made a mistake. U.S. law (United States Federal Trade Commission) has a "cool off period" that allows people to cancel any purchase of $25.00 or more; including your timeshare contract, without penalty. The length of this period varies by State; but must be at least five days long. Almost all States have laws specifically written for Timeshare Contracts. In California the cancellation period is seven (7) days from the contract signing. In Florida the cancellation period is Ten (10) days; and in Mexico, the cancellation period is five (5) days. A common practice in Mexico and some US venues, is to have the prospective buyer sign a "Cancellation Wavier"; using it as an excuse to lower the price of the Timeshare. However, no cancellation wavier is a legal document, and is not recognized anywhere in Mexico or the USA. If a recent timeshare buyer wishes to rescind, or cancel his/her contract, the intent to cancel must be made within the allotted time period; in writing, or in person. A telephone call will not suffice.