Which action is required from time-share sellers regarding contracts?

For time-share sellers, the requirement to provide written disclosure of cancellation rights is significant because it ensures that buyers are fully informed of their rights before finalizing a purchase. This requirement is designed to protect consumers by making sure they understand they have a period during which they can reconsider their decision and potentially cancel the contract without penalty. In Virginia, time-share contracts must include specific disclosures to inform purchasers of their right to cancel, which safeguards against impulsive decisions usually related to high-pressure sales tactics often seen in the time-share industry.

This written disclosure must be clear and explicit to avoid confusion about the timelines and procedures for cancellation. By mandating this type of transparency, the law aims to promote ethical practices and protect consumers from being bound to contracts they may later regret without giving them the opportunity to change their minds in a legally defined timeframe.