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Purchasing A Condo Timeshare: Right of Rescission?

Question: 
Is there any type of right of recission, 3 day cancellation period or anything like that for buying into a travel package like a condo time share, or long term vacationing package? Total minimum investment of $9,000. I put $150 down and am within three business days as of today of the trasaction and would like to cancel this transaction and get my money back.
Answer: 

Answer by Lucy Griffin
No. You only have a right to rescind on your principal dwelling. Unless your principal dwelling is being used as security for the travel package, there is no right to rescind.

Answer: 

Answer by Andy Zavoina
Some states have state laws that provide for rescission periods of other types of transactions, especially those prone to highpressure sales tactics such as time share property. Depending on the state, there may be some recourse for you there.

First published on BankersOnline.com 11/5/01

First published on 11/05/2001

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