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| Word |
Description |
| Rescission |
A period of time granted by company policy and state statutes during which a person has the right to cancel a purchase contract for a timeshare without incurring a penalty. The person also receives a complete and full refund of his deposit. Rescission periods vary from state to state. Rescission rights are sometimes referred to as a “cooling-off period.” |
| Right to use |
A timeshare owner’s right to occupy a unit at a resort for a specified number of years. |
