What Is the 10-Day Right of Rescission?
A 10-day right of rescission is a statutory cancellation window that lets a buyer back out of certain contracts within ten days, without penalty. The best-known example in Florida is the right to cancel a timeshare purchase. These "cooling-off" rights exist to protect consumers in high-pressure or complex sales.
Florida Timeshare Cancellation
Under Florida's Vacation Plan and Timesharing Act (Chapter 721, Florida Statutes), a purchaser may cancel a timeshare contract within 10 days of signing or of receiving the required disclosure documents, whichever is later. The cancellation right cannot be waived, and on a valid cancellation the developer must refund the buyer's money, generally within 20 days. To cancel, the buyer delivers written notice within the period.
Other 10-Day Windows
- Certain other consumer contracts provide cooling-off periods of varying lengths set by statute
- This is separate from the federal 3-day rescission on certain home loans
- Always confirm the exact window and method of cancellation in the governing contract or statute
Related Terms
- 3-Day Right of Rescission — The federal mortgage cooling-off right
- Rescission — The underlying remedy of cancellation
- Refinance — A transaction with its own rescission rules
Barnes Walker
Barnes Walker's attorneys advise Florida consumers and businesses on contract cancellation and rescission rights. Request a legal inquiry for assistance.
Florida Law Reference
Fla. Stat. Ch. 721
Florida’s Vacation Plan and Timesharing Act gives a timeshare purchaser a non-waivable right to cancel within 10 days of signing or receiving the required disclosures, with a refund due on valid cancellation.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC