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How Does a Cooling Off Period Work after I've Signed a Contract?

A cooling off period after you have signed a contract works in the following way. After you sign the contract, the cooling off period lasts for several days so that you have the opportunity to change your mind about the contract for the timeshare that you have just signed. If you change your mind about the timeshare that you bought or rented in a contract, you can then use the cooling off period to cancel your purchase or rental of the timeshare.