In timeshare, the cooling off period refers to the time you have to cancel a timeshare agreement after you have signed a binding contract. Once you have attended a timeshare presentation and bought a unit, you are give a certain number of “days grace.”
The cooling off period is a requirement by law to protect consumers who feel pressured into buying a timeshare. It gives you time to think carefully about your purchase after the initial excitement or “heat” has worn off. The idea is that the brain has time to think more clearly once you have had time to sleep on the decision.
The cooling off period is usually between 7 and 14 days but depends on the laws of the country where the timeshare was purchased. The time is measured in calendar days not business days and should you be on vacation for two weeks you would have to cancel your timeshare before heading home.
During this time you have the right to cancel your timeshare contract but must do so in writing, and in some cases using the proforma provided by the timeshare company. After the cooling off period it is very difficult to cancel a contract unless there was a lawful reason for doing so, such as a breach of contract that you would have to prove through the courts.