In time shares, how many calendar days do buyers have to cancel the purchase contract without penalty, after executing the contract or receiving a public offering statement?

In Virginia, buyers of time shares are granted a specific right of cancellation to protect them from making impulsive decisions. The law allows buyers a cancellation period of seven calendar days after they have executed the purchase contract or received the public offering statement. This right ensures that buyers have sufficient time to review the documentation and reconsider their commitment without facing any penalties.

This seven-day period is part of consumer protection measures, acknowledging that the decision to purchase a time share is significant and often involves considerable financial investment. It provides peace of mind and encourages informed decisions. Understanding this timeframe is crucial for both buyers and real estate professionals to ensure compliance with the law and to uphold ethical standards in real estate transactions.