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Rescission Period
In many developer contracts (and often required by government statutes and/or regulations) there may exist a Rescission period. The Rescission period outlines how many days after a timeshare purchase, from a developer, that a buyer has an opportunity to change their mind and cancel the purchase. The Rescission period is usually only a few days long and the buyer must follow the cancellation procedure exactly or risk the request to rescind being ignored.
Mexico requires a five-day rescission period on all time share contracts, as stated in article 56 of the Mexican Federal Law for Protection of the Consumer.[1] Some Mexican resorts have drawn up contracts declaring that there is no rescission period, but any such claims are fraudulent.