Purchasing a timeshare can be an exciting step towards planning a lifetime of memorable vacations, but it’s crucial to understand all aspects of the process, including the rescission period. This period is a legally designated timeframe during which a buyer can cancel the contract without penalty.
Understanding rescission periods can help you make informed purchase decisions, and ultimately make sure you are satisfied with your timeshare transaction. Let’s dive a little deeper and demystify the rescission process. Read on to get rescission periods by state, and some expert tips on protecting your interests throughout a timeshare purchase.
What is a Timeshare Rescission Period?
A timeshare rescission period, also known as a cooling-off period, is a window of time following the signing of a timeshare contract during which the buyer can cancel the agreement without incurring any penalties. This period provides buyers with a chance to reconsider their purchase and ensure it aligns with their vacation plans and financial situation.
Rescission Periods Vary by State
Rescission periods vary from state to state, with timeframes typically ranging from a little as three days to as many as fifteen days. Each state has their own way of accounting for which days count toward the rescission period as well. For example, some states may count all days on the calendar, while others may exclude Sunday, or count using business days.
It’s important to research the specific rescission period laws applicable in the state where the timeshare is located. If you’ve purchased a “pure points” ownership, also known as a beneficial interest in a land trust, be sure to know which state the land trust is located within. Knowing the exact location of the ownership, helps in knowing the duration of your rescission period.
Here’s a table with the states, their rescission periods, and details:
| State | Rescission Period | Details |
|---|---|---|
| Alabama | 5 days | Not including Sunday after signing of the contract |
| Alaska | 15 days | After statutory disclosure documents |
| Arizona | 10 days | After execution of the purchase agreement |
| Arkansas | 5 days | After execution of contract |
| California | 7 days | After signing, or receipt of the statutory disclosure documents |
| Colorado | 5 days | After sale |
| Connecticut | 5 days | After the date of execution of the contract, or required disclosure statement |
| Delaware | 15 days | After date of execution |
| Florida | 10 days | After the execution date, or the day of receipt of statutory disclosure documents |
| Georgia | 7 days | Not including holiday and Sundays after receipt of statutory documents |
| Hawaii | 7 calendar days | After execution of the contract, or after receipt of statutory disclosure documents |
| Idaho | 5 days | After execution of the contract |
| Illinois | – | – |
| Indiana | 72 hours | After execution of the contract |
| Iowa | 5 Business days | Following the receipt of all required disclosures |
| Kansas | 3 Business days | After the signing of the contract |
| Kentucky | 3 Business days | After the signing the agreement |
| Louisiana | 7 days | From signing, or receipt of statutory disclosure documents |
| Maine | 10 days | After receipt of the contract or execution |
| Maryland | 10 days | After: the contract date or receipt of statutory disclosures |
| Massachusetts | 3 business days | After receipt of statutory disclosure documents |
| Michigan | 9 business days | After receipt of all statutory disclosure documents |
| Minnesota | 5 days | After receipt of a legible binding contract, or statutory disclosure documents |
| Mississippi | 7 days | After receipt of statutory disclosure documents or execution of the contract |
| Missouri | 5 days | After the date of agreement |
| Montana | 7 days | After receipt of statutory disclosure documents or signing the purchase agreement |
| Nebraska | 3 days | After receipt of statutory disclosure documents |
| Nevada | 5 days | After the execution of the contract |
| New Hampshire | 5 days | To cancel a contract signing or delivery of all statutory disclosure documents |
| New Jersey | 7 days | After the execution of the contract |
| New Mexico | 7 days | After execution of the contract |
| New York | 7 business days | After signing the contract |
| North Carolina | 5 days | After execution of the contract |
| North Dakota | – | – |
| Ohio | 3 days | After signing the contract |
| Oklahoma | 5 days | After receipt of a legible contract |
| Oregon | 5 days | From signing of the contract |
| Pennsylvania | 5 days | After execution of the contract |
| Rhode Island | 5 business days | After execution or receipt of all statutory disclosure documents |
| South Carolina | 5 days | After the date of signing |
| South Dakota | 7 days | After execution of the contract |
| Tennessee | 10 days | After signing the contract with onsite inspection, or 15 days if no inspection |
| Texas | 5 days | After signing and receipt of the contract, or receipt of statutory disclosure documents |
| Utah | 5 days | After the signing of the agreement |
| Vermont | 3 business days | After signing of the contract (Home Solicitation) |
| Virginia | 7 days | After execution of the contract |
| Washington | 7 days | Following execution of the contract |
| West Virginia | 10 days | From the date of signing, AND 10 days after receipt of public disclosure |
| Wisconsin | 5 business days | After the execution of the contract, or receiving the last of statutory documents |
| Wyoming | 10 days | After signing of the contract (Home Solicitation) |
Choice of Law Provision
In the event where a timeshare buyer has purchased an ownership that is deeded to a different state than where the contract was executed, the parties involved can legally agree on which set of state laws apply to the purchase.
There are cases where there is a “Choice of Law” provision in the timeshare purchase contract. In this case, the timeshare purchase agreement will determine which set of state laws apply to the rescission period. If no “Choice of Law” provision exists in the agreement you have signed, the laws where the timeshare is located will apply.
Tips for Timeshare Buyers
Research State Laws: Before purchasing a timeshare, understand the rescission period laws in the state where the property is located. This knowledge will guide you in making timely decisions.
- Research State Laws: Before purchasing a timeshare, understand the rescission period laws in the state where the property is located. This knowledge will guide you in making timely decisions.
- Read the Contract Thoroughly: Ensure that the rescission period is clearly defined in your contract. Review the purchase agreement to understand all instructions for the rescission process, including where to mail the rescission letter, the rescission period, and the information that is required on a rescission letter.
- Include Necessary Information: When preparing your rescission paperwork, include your member / contract number. This is crucial for ensuring your request is processed in a timely fashion.
- All Buyers Must Sign: Ensure that all buyers involved in the purchase sign the rescission paperwork. This confirmation is often required to validate the cancellation.
- Mail Rescission via Certified Mail: Send your rescission letter using USPS Certified Mail. Make sure it is postmarked within the rescission period. Retain a copy of your paperwork along with the postal receipt as proof of the rescission letter being submitted prior to the rescission period elapsing.
- Keep Documentation: Retain all written correspondence, receipts, and any documents related to the purchase and rescission.
Conclusion
Understanding the rescission period is a vital step for anyone considering the purchase of a timeshare. This period not only offers a safety net for buyers but also underscores the importance of making informed decisions. By being aware of the state-specific rescission laws and following best practices for reviewing timeshare contracts, buyers can enjoy their vacation ownership purchases with confidence.
If you’re past your rescission period, and would like to get out of your timeshare, you can list your ownership for sale with no up-front cost and no risk! Our licensed agents can walk you through the process, give you a free market analysis, and answer any questions you may have.
