What must occur for a buyer to exercise the right of rescission within the cooling-off period?

To successfully exercise the right of rescission within the cooling-off period, the buyer is required to submit a written request to the seller. This written notification is essential as it serves as a formal declaration of the buyer’s intention to rescind the purchase agreement. The cooling-off period is designed to protect buyers by allowing them to reconsider their decision after signing a contract, ensuring they change their mind without excessive penalties.

The process typically involves the buyer communicating their decision in a manner that is clear and documented, which strengthens the legal standing of their request and provides proof that the rescission has been initiated before the expiration of the cooling-off period. In many jurisdictions, this requirement for written communication is fundamental for the party's protection and to maintain an accurate record of correspondence regarding the transaction.