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The cooling off period may only apply to real estate transactions, such as the purchase of deeded timeshares. Advise you check to see if this is the case. One reason most resort developers have gone to points or club systems is that people buying into them have less legal standing to cause a hassle for them. For intance, if the deeded timeshare owners, excluding DRI, owned a majority of the property at Los Abrigados and if by some miracle these owners could get together and elect a DRI-hostile majority to the board of directors of the Sedona Vacation Club HOA, they could THEORETICALY oust DRI from management of the property. Not likely, but possible in theory.