Editing Timeshare (section)

===Cancellation of a timeshare contract===
Timeshare sales are often high pressure and fast moving. Some people sign a contract, then want to cancel it shortly thereafter.

The U.S. [[Federal Trade Commission]] mandates a "cooling-off period" that allows people to cancel some types of purchases without penalty within three days.<ref>{{cite web|title=Overview of the federal Cooling Off Rule in the U.S.|url=http://www.consumer.ftc.gov/articles/0176-protections-home-purchases-cooling-rule|url-status=live|archive-url=https://web.archive.org/web/20141012170147/http://www.consumer.ftc.gov/articles/0176-protections-home-purchases-cooling-rule|archive-date=October 12, 2014}}</ref> Additionally, almost all [[U.S. state]]s have laws that specifically govern cancellation of timeshare contracts. In [[Florida]], a new timeshare owner can cancel the purchase within ten days.<ref>{{cite web |url=http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0700-0799/0721/Sections/0721.10.html |title=The 2021 Florida Statutes |website=The Florida Legislature |archive-url=https://web.archive.org/web/20151009195019/http://www.leg.state.fl.us/STATUTES/index.cfm?App_mode=Display_Statute&Search_String=&URL=0700-0799%2F0721%2FSections%2F0721.10.html |archive-date=October 9, 2015 |url-status=live}}</ref> The law differs by jurisdiction as to whether out-of-state purchasers are subject to the rescission period of their state of residence, or the rescission period of the state where the timeshare purchase was made.

Another common practice is to have the prospective buyer sign a "cancellation waiver", using it as an excuse to lower the price of the timeshare in exchange for the buyer waiving cancellation rights (or paying a penalty, such as losing 10% of the purchase price, if the sale is cancelled). However, such a waiver is not legally enforceable anywhere in Mexico or the United States.<ref>{{cite web|title= No cancellation waiver is legal|url= http://www.justanswer.com/real-estate-law/2kmc6-just-purchased-timeshare-california-days.html/|url-status= live|archive-url= https://web.archive.org/web/20141017220730/http://www.justanswer.com/real-estate-law/2kmc6-just-purchased-timeshare-california-days.html/|archive-date= October 17, 2014}}</ref>

There are companies that specialize in timeshare cancellation, although some cancellation companies are suspected of fraud.<ref>{{cite web|title=Former Employee of Timeshare Consulting Firm Admits Fraud Conspiracy and Unemployment Fraud|url=https://archives.fbi.gov/archives/newark/press-releases/2013/former-employee-of-timeshare-consulting-firm-admits-fraud-conspiracy-and-unemployment-fraud|website=FBI|publisher=Federal Bureau of Investigation|access-date=December 15, 2017|date=April 11, 2013|url-status=live|archive-url=https://web.archive.org/web/20171216034510/https://archives.fbi.gov/archives/newark/press-releases/2013/former-employee-of-timeshare-consulting-firm-admits-fraud-conspiracy-and-unemployment-fraud|archive-date=December 16, 2017}}</ref><ref>{{cite news|last1=Brinkman|first1=Paul|title=Westgate accuses Tea Party leader of timeshare cancellation fraud|url=http://www.orlandosentinel.com/business/brinkmann-on-business/os-bz-westgate-timeshare-cancellation-20170614-story.html|access-date=December 15, 2017|agency=Orlando Sentinel|date=June 14, 2017|url-status=live|archive-url=https://web.archive.org/web/20171216034913/http://www.orlandosentinel.com/business/brinkmann-on-business/os-bz-westgate-timeshare-cancellation-20170614-story.html|archive-date=December 16, 2017}}</ref>