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Means Massachusetts – 3 days
Now I don't know if their law is calendar days or business days, you will have to research that your self.
From a web search for rescission,
Each state passes its own laws regarding the amount of time you have after buying a timeshare property to return it for a full refund. The process of returning an unwanted timeshare shortly after purchasing is known as Timeshare Rescission, or rescinding. The timeshare rescission process refers directly to the interval of time that is legally allowed to pass before you can no longer return a timeshare contract, or change your mind about your time share purchase. The ability to return an unwanted timeshare shortly after purchasing is not something your timeshare salesperson is likely to mention, but it is built into every state's legal code as a protection for consumers; some people also tend to refer to this time as the "cooling off period" following the purchase.
How long do I have to return timeshare It makes no difference if you purchased your timeshare is through RCI, Wyndham, Celebrity, Disney, Fairfield, Hilton, Hyatt, Mariott, or another timeshare exchange company, the Right to Rescission is entirely dependent on the state law where the timeshare property was purchased. Each set of documents/purchase papers accompanying a timeshare sale will include form explaining how to rescind. It will likely be titled something similar to, "Notice of Mutual Right of Cancellation of Time Share Purchase." If you fall within the window of legal rescission, see the following post - 10 Steps to Successfully Rescind Your Timeshare – for detailed instructions on how you can complete the timeshare deed cancellation and rescission process. Below you will find the timeshare rescission period for each state, and please add your own comments below if you have had experience in a particular state.
The ten steps to follow from the same site
# Take time to record the details of the timeshare presentation you attended. Important features to note are: location, time of day, date, names of those present, misrepresentation of facts, and ways/instances you were pressured.
# Use the information you recall and have recorded to write a detailed and concise letter specifically asking for the rescission of your timeshare contract. Be sure to make a copy for yourself, your lawyer, your credit card company/bank (depending on method of payment), and the Federal Trade Commission.
# State in the letter that you will be contacting the timeshare resort company in two days to confirm receipt and to provide credit card info for a full refund.
# Mail copies of your letter to the customer service manager, sales manager, and owner of the resort/organization in question. If you do not have this information readily available you may be able to search their website for it (if they have one ) or you can call the customer service hot line provided with your purchasing information.
# Send your rescission request via registered mail with confirmation receipt, by email, and by fax. This assures it will be received by the desired parties.
# Call the customer service manager in charge two days after sending out your letter. Do not speak to anyone other than the customer service manager unless they are of a higher position in the resort/organization. Continue to call back until you are able to speak with someone with authority and at this point request a full refund, including your initial deposit.
# Remember to keep calm throughout this process. Be persistent, but remain polite – getting worked up or arguing will most likely delay the process.
# Try to stay focused on the rescission and avoid a lengthly discussion of how you feel you were wronged. Getting into such a negative discourse will tear your focus from the rescission and refund process and ultimately delay the progress.
# A company or resort will want your contract back once a refund and rescission is made final. Make sure to keep a copy of the contract for your records and when the contract is sent back, attach a letter stating that it is being returned on the condition of rescission.
# Upon resolution of your rescission, contact the authorities and anyone involved with your visit to the resort presentation.
Thanks for your help. A cancellation is on its way..
An extract for others who may want to cancel in future for MA (Massachusetts) puchases is :
Contracts for time shares must allow the purchaser a 3 day right to cancel. (M.G.L. c. 183B, §38A (14)) To cancel a time share contract, deliver, telegram, courier, or send by registered, return-receipt requested mail, a notice of cancellation to the seller no later than three business days after signing the contract. If you paid by check, a refund must be made immediately as long as the check was not yet deposited into the seller's account, otherwise it must be refunded within 7 days. If you paid by credit card, a credit must be made to your account immediately. (M.G.L. c. 183B, §41)
Got it rescinded with no issues. I must admit that folk at Silverleaf TX office are very competent, helpful and upfront about everything. I do own another week at Silverleaf and have no issues dealing with them at all.
Wish I could say the same about the sales-person that sold the second timeshare to me but I guess you cannot have it all
Thank you for your concern. I agree with you about buying it in the secondary market - thats how I got my first one with Silverleaf. I am told Silverleaf no longer transfers Bonus time that on resales but I am all set on that since I have Bonus time on my first one.
If all owners can't use bonus time, does Silverleaf pay the HOA for the bonus time it's subscriber's use? If not, why not, is this not a blatant conflict of interest and abuse of Silverleaf's position as the managing agent for the TS?