Legal Term
timeshare cancellation rescission period rights
Legal Definition
The legal entitlement granted by statute or contract that allows a timeshare purchaser to void the purchase agreement within a prescribed timeframe after execution, typically without penalties, and obtain a full refund of all payments made.
In Plain English
The set number of days after signing a timeshare deal when you can back out and get every dollar back, no excuses needed.
Example in a Contract
Section 4. Rescission Rights: Owner may cancel this Timeshare Agreement by delivering written notice to Developer within ten (10) days following the later of (a) the execution date, or (b) receipt of the public offering statement. Upon timely cancellation, all deposits and payments shall be refunded in full within fifteen (15) business days.
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