Timeshare Cooling Off Period Explained
January 9, 2014
Every timeshare purchase comes with a cooling off period that immediately follows the moment you sign the contract. After this time you will be unable to cancel or change your timeshare contract unless you are going to upgrade to a more elite membership or luxurious property.
As the name suggests, once you have got over the initial excitement of buying a fraction of paradise, some people need to feel secure in their freedom to be able to cancel their timeshare before it is too late. In practice, few people actually cancel their timeshare during the cooling off period but just knowing that you can often brings about a sense of security and relief, just in case!
How much time is the cooling off period?
It is hard to give an exact time as each country has different laws regarding the cooling off period. Usually you have between 7 and 14 days, sometimes more, sometimes less to cancel your timeshare legally. If you wish to cancel during the cooling off period you will need to find out the requirements for the particular country where you bought your timeshare. Some countries ask for a special pro-forma. It is almost impossible to cancel a timeshare contract after this time has passed, unless you can prove that the timeshare company was fraudulent in some way or that your contract is illegal.
If in doubt, call the timeshare developer where you bought your unit and ask about the specific requirements