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You’ve attended a timeshare sales presentation and with whatever sales pressure applied to you, despite your better judgment, you signed on the dotted line. Now that sick feeling of despair and disgust comes over you as your head clears from the presentation. What have you done? What can you do to be free of this newfound albatross? You think, “Is It Possible For Me To Cancel My Timeshare Contract?” Fear not – there is hope. In the next few days, we will explore the methods and questions you may encounter while considering the cancellation of your timeshare contract.
Question 1: Can I rescind my timeshare contract within the mandated rescission period?
Let’s take a look at some facts. Firstly, it is useful to note that the word rescission means to revoke, cancel or repeal. Other synonyms are reverse, overturn, overrule, annul, nullify, void – you get the idea. You want to be entirely out of your timeshare contract, as if it had never been signed. Secondly, most states offer a period of time after the signing of the contract in which a buyer may rescind, or cancel, their contract without cause or affect. Let’s call it “buyer’s remorse” – you realize that you don’t want the timeshare and, if you are within the timeshare rescission period of the state, you can fill out the rescission paperwork and send it to the timeshare developer to “back out” of the timeshare purchase. It is best to use certified mail to accomplish this task so that you have an audit trail of activity available to you.
Note that the law that is in force for the state where your timeshare was purchased is the law that applies for your rescission period. Many states require that the timeshare developer include details about the rescission period in force for your timeshare purchase during the sales presentation. Included would also be the appropriate paperwork to complete the rescission process.
So what are the rescission periods by state? Following, is a simple listing of rescission periods that should illustrate the basic information that you need regarding timeshare rescission periods by state. Note that this listing is not fully comprehensive in nature, but gives you a starting point for your research. One good site for you to visit for more specific information is www.NOLO.com, which gives you a great chart of rescission periods by state which all link to a specific page outlining the laws specific to each state, such as if a rescission period exists for the state, how long it is and if the state laws provide special protections. When you reach the site, search using “timeshare rescission 50 state chart” and you will find the chart in question. Well worth looking into.
But what if you are beyond the rescission period? Our next topic for discussion will reach into the questions involved regarding the cancellation of your timeshare after your rescission period. Can it be done?
Read Part 2 of Is It Possible For Me To Cancel My Timeshare Contract?
Are you concerned about your timeshare and how you can divest yourself of it? Has it become a major burden for your family to bear? The timeshare attorneys of the Aaronson Law Firm stand ready to provide you with the answers you need regarding your timeshare case. Contact them today for your free consultation – it’s not too late!
Rescission Chart By State
|Alabama||5 calendar days after purchase|
|Alaska||15 calendar days after purchase|
|Arizona||7 calendar days after purchase|
|Arkansas||5 calendar days after purchase|
|California||7 calendar days after purchase|
|Colorado||5 calendar days after purchase|
|Connecticut||5 calendar days after purchase|
|Delaware||5 calendar days after purchase|
|District of Columbia||15 calendar days after purchase|
|Florida||10 calendar days after purchase|
|Georgia||7 calendar days, not including Sundays and holidays|
|Hawaii||7 calendar days after purchase|
|Idaho||5 calendar days after purchase|
|Illinois||5 calendar days after purchase|
|Indiana||72 hours, not including Sundays or legal holidays|
|Iowa||5 business days after receiving required documents|
|Kansas||3 business days after purchase|
|Kentucky||3 or 5 business days|
|Lousiana||7 business days after purchase|
|Maine||10 business days after purchase|
|Maryland||10 business days after purchase|
|Massachusetts||3 business days after purchase|
|Michigan||9 business days after purchase|
|Minnesota||5 business days after purchase|
|Mississippi||7 business days after purchase|
|Missouri||5 business days after purchase|
|Montana||7 business days after purchase|
|Nebraska||3 business days after purchase|
|Nevada||5 business days after purchase|
|New Hampshire||5 business days after purchase|
|New Jersey||7 business days after purchase|
|New Mexico||7 business days after purchase|
|New York||7 business days after purchase|
|North Carolina||5 business days after purchase|
|North Dakota||No rescission period specified by law; check your contract|
|Ohio||3 business days after purchase|
|Oklahoma||5 business days after purchase|
|Oregon||5 business days after purchase|
|Pennsylvania||7 business days after purchase|
|Rhode Island||5 business days after purchase|
|South Carolina||5 business days after purchase|
|South Dakota||7 business days after purchase|
|Tennessee||10 calendar days if purchaser inspected site, 15 calendar days if purchaser never saw the site, and time limit doesn’t begin until the purchaser receives the public offering statement|
|Texas||6 business days after purchase|
|Utah||5 business days after purchase|
|Vermont||3 business days after purchase|
|Virginia||7 calendar days, unless 7th day is a Sunday or legal holiday|
|Washington||7 calendar days after purchase|
|West Virginia||10 calendar days after purchase|
|Wisconsin||5 calendar days after purchase|
|Wyoming||3 calendar days after purchase|