|How do I rescind my
More often than not people do not find TUG in time to cancel their purchase within the allowed recission period, this article will assist those who are still within that period!
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How do I Cancel my Timeshare Purchase?
First off, if your first question is "should I cancel the purchase of the timeshare I just made from the developer" let me start by saying the answer is YES!
The fact that you are having ANY second thoughts about such a large purchase (and one that is very difficult to get out of) means without any doubts, you should cancel that purchase. Under no circumstances should you just "go ahead" with the purchase thinking that it truly is the deal of a lifetime, because even if you do the research and find out its exactly what you want, that same deal will be available for you from that same resort next week, next month, even likely next year. You however ONLY have one shot at cancelling the deal, and if you do not act on it you will be unable to back out of the deal.
Other valid reasons to rescind include:
What is Rescinding?
Rescinding is a completely legal way to cancel the purchase of a timeshare and get all of your money back, within a certain number of days. The number of days you have to rescind differs from state to state (see below). The right to rescind during a "cooling off period," is your legal right, and the developer can't change that, no matter what you may have been told.
Your salesperson may have verbally asked you to promise not to rescind - all that means is that he was trying to manipulate you into giving up your legal rights! Neither the salesperson, or the developer, have any say about your right to rescind - this right is established by local law and is not affected by any verbal promise not to rescind. Some salespeople in Mexico have even been known to ask buyers to sign away their right to rescind, but that isn't legal either. So even if you signed a paper stating that your don't have a right to rescind, or that there is no right of rescission in Mexico, you still DO have the right to rescind.
How long do I have to Rescind?
Great question, and it varies by state to state ranging from 3 days to 15 days (however the average is about a week), a list of the currently known rescission periods are broken down by state here: State Timeshare Laws and Info
note that the "state" law that applies is almost always the state in which the Timeshare was purchased in, not the state you live in.
so I am within that period, how do I Rescind?
also note the following:
Ok I have done all that, now what?
We suggest reading as much info as you can on the TUGBBS forums and other Free advice articles in the TUG Advice Section. We suggest not making another purchase for at least a few months so you can ensure you are buying EXACTLY the timeshare you want, and that fits your needs. In most cases that will be completely different than what you were purchasing to begin with!One fabulous suggestion we give all potential owners, is to RENT a timeshare at the location(s) you are interested in buying, this gives you all the benefits of ownership, and none of the obligations. After renting at the location if you are still interested in purchase, you can find what you want from an existing owner in the resale market for pennies on the dollar! You can see some of these amazing deals in our TUG Marketplace here!
We hope this will provide you with the information you need about Rescinding your Timeshare Purchase and welcome to TUG!!
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