In every shared vacation ownership purchase contract you will find a clause which is often referred to as the “revision”, “cool down” or “cancellation” period. A period of time during which a consumer has the right to cancel a purchase contract and obtain a full refund of his/her deposit with no penalty. This is contained within the New National Credit Act, the Estate Agency Affairs Act and is also stipulated in VOASA’s Code of Conduct. The Revision or “cooling off” period is 5 working days.
Written notice of the withdrawal must reach the seller within the 5(five)-day period, at an address which must be contained in the contract. An electronic address and facsimile number must also be given and receipt of facsimile, email, telexes, telegrams or phonograms are stipulated as sufficient written notice by the purchaser.
This is just another example of the strong consumer protections built into shared vacation ownership sales.