How many calendar days do buyers have to cancel a time-share purchase contract without penalty?

In Virginia, buyers are granted a specific period during which they can cancel a time-share purchase contract without incurring any penalties. The law provides that this cancellation period lasts for seven calendar days from the date of signing the contract or from the date the buyer receives a sample copy of the public offering statement, whichever occurs later. This provision is designed to protect consumers, allowing them time to reconsider their purchase and ensuring they have all necessary information about the time-share.

Understanding the rationale behind this time frame is essential for both buyers and real estate professionals. It emphasizes the importance of informed decision-making in real estate transactions, especially in contexts where emotional or impulsive purchases are common, such as with time-shares. The seven-day window is seen as sufficient for buyers to evaluate their commitment to the investment without the pressure of immediate consequences.