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Cooling-off Rule is a rule that allows you to cancel a contract within a few days (usually three days) after signing it. As explained by the Federal Trade Commission (FTC), the federal cooling-off rules gives the consumer three days to cancel certain sales for a full refund.

The three-day cancellation rule permits borrowers to renege on certain mortgage agreements within three days without financial penalty. This right applies when the borrower's principal residence is used as collateral and is provided on a no-questions-asked basis.

The cancellation must be sent by the consumer no later than midnight of the third business day after the date the sales contract is signed, unless the contract allows more time. As long as the notice is sent before that deadline, the notice is effective in canceling the contract.

South Carolina's cooling-off period is only five days long. The state's rescission period begins on the day you sign your purchase agreement or the date you receive a disclosure agreement from your developer, whichever happens later. There is another way some owners can cancel a South Carolina timeshare.

If you refinance a mortgage on your primary residence you have a three day right of cancellation. That doesn't include a second home or commercial property. Finally, in South Carolina the purchase of vacation timeshare units are subject to an even longer right to cancel of five days.

Consumer Protection Code requires that the persons who make consumer credit sales, leases or loans or persons who engage in rent-to-own, and persons who take assignments of rights against debtors arising from such transactions are required to file a notification form and pay a notification fee to the S.C.