Timeshare Rescission – Can I Return My Timeshare?
Despite the fact that timeshare has been gaining a more respectable reputation as a result of major resorts such as Marriott and Hilton now offering timeshare packages, there are still some resort companies that use deceptive tactics to secure a sale. There are still incidents of resort companies using hard-sell intimidation or illegal sales tactics in selling timeshares. It is because of the existence of these dishonest resort companies that rescission regulations exist. Victims of illegal timeshare sales practices need to be aware of their rescission rights in order to get out of their contract without penalty.
Timeshare has become one of the most highly regulated industries in the United States and there are strict laws in place in each state with regard to selling timeshare. Government statues require that a developer contract must contain stipulations for the existence of a rescission or “cooling-off” period once timeshare is purchased. The rescission period is a period of time granted to the buyer, by law, in which he or she has the right to cancel the timeshare contract without penalty. The buyer is also entitled to a full refund including any deposit made toward the timeshare resort property.
The rescission period differs in length from state to state and is greatly shortened when international timeshare is involved. The typical timeshare rescission period in the US is about 7 to 15 days, varying by company and state. International timeshare has a rescission period average of about 3-7 days, varying again by company and country. A buyer must be careful to follow cancellation procedure instructions carefully because failure to do so may result in the request being ignored or unapproved.
Rescission periods can not be waived and any attempt by a timeshare resort salesperson to have a buyer complete a waiver stating that they give up their rights to cancel their contract is illegal. This is important to not because many timeshare salespeople will fraudulently ask buyers to do just that; sign over their rights to rescission. This waiver is not usually included in the documents given to the buyer and therefore it would be difficult to prove its existence. If you are ever asked to sign such a waiver, this would be a good time to walk away as it is likely you are not dealing with an honest timeshare resort company.
In todays BBC news they said a new law has been passed by the "european parliament" regarding timeshare right of recission: The new rules will give consumers a 14-day right of withdrawal and also increase the obligations on traders