Timeshare in Mexico: Forewarned is Forearmed
Wednesday, March 29, 2006
Beware of misleading sales practices when buying timeshare directly from a resort in Mexico (or anywhere else).
“Forewarned, forearmed; to be prepared is half the victory.”
– Miguel de Cervantes
In this business, we hear all kinds of stories about timeshare resorts all over the world. Some of these reports are positive, whereas others shed light on some of the least-favored sales tactics practiced by timeshare resort salespeople.
We hear very few complaints about the timeshares themselves. This is because timeshare resorts are serious about what they do, and they almost universally offer a quality product. On the other hand, we do hear a lot of stories about how misleading sales practices cause major problems. Each day, more and more people become entangled in a timeshare agreement which turns out to be more of a burden than a boon.
Fortunately, there is hope. Armed with the right knowledge, a smart buyer can avoid this predicament entirely.
For an example, we need look no further than Mexico. A lot of non-Spanish-speaking Americans find Mexican real estate law to be extremely confusing at the best of times. This condition is often exploited in what is referred to as a “classic” timeshare sales scam.
For those of you who don’t know, a cooling-off period is the legally-mandated grace period, during which a timeshare buyer has the right to cancel the purchase agreement without fear of penalties or charges of any kind. In Mexico, the buyer has five days to cancel a timeshare agreement.
Cooling-off periods are fairly standard in the timeshare universe, except in some countries where timeshare development is not an established industry. Clearly, Mexico is not one of these countries. There have been many timeshares in Mexico for years now. By law, in Mexico, you cannot waive your five-day cooling-off period. Any contract which tries to get you to do so is defying the law.
Solution: find a Mexican timeshare for sale on the resale market. Mexican resorts are breathtaking, and luxury timeshares are often available for far less than new units from the same resort. Additionally, the market conditions currently favor timeshare buyers, meaning that there’s a large number of properties from which to choose. Best of all, you don’t have to attend a presentation unless you want to.
if you must buy a timeshare directly from a Mexican resort, do not sign any paperwork which waives your right to a five-day cooling-off period. Make sure you can fully understand the terms of any contract or other document you are asked to sign. In many European countries, the law states that a timeshare purchase agreement must be drawn up in the buyer’s native language. In Mexico, however, this may not be the case. Enjoy the tour, but use caution!
For more information on deceptive timeshare resort sales in Mexico, go to http://www.mexicantimesharefraud.com/