10 Precautions to Consider Before Buying a Timeshare in Mexico
Many travelers prefer to vacation in a spot they have become familiar with, returning to the same town or resort year after year. They love knowing their way around and returning to their favorite restaurants and beaches, making friends in the area and enjoy seeing familiar faces; these aspects make timeshares an excellent way to vacation. If you are considering a timeshare purchase in Mexico, it is important that you protect yourself, we have gathered ten tips to help prevent a timeshare scam.
- Stay at the property you are considering, do not rely on videos or brochures.
- Realize that a timeshare should not be considered an investment, you are buying the right to use the property. The resale value is likely to decline over time.
- Nothing in this world is for free, and if it sounds too good to be true, it is. Do not accept the salespeople’s gifts and offers if you are not genuinely interested in purchasing a timeshare.
- Do not sign anything under pressure, making impulsive decisions will only lead to regret, take the time to review the contract with an attorney, walk away if the salesperson claims the contract must be signed on the spot.
- Get it in writing, all the financial obligations of the timeshare, including maintenance fees and assessments. Ensure the benefits plus any promises the salesperson has made are included in the contract.
- Verify that the contract has a Profeco (Federal Attorney’s Office of Consumers) registration number.
- Research the company by calling the Consumer call center at 1-800-468-8722 to confirm the business is legitimate and find out if there are any complaints reported against the company.
- If the timeshare development is under construction, make sure your deposit is kept in a legal, insured escrow account.
- Understand that a timeshare by any other name it is still a timeshare:
- Vacation Ownership
- Fractional Ownership
- Vacation Club
- Fixed Week Ownership
- Points Program
- Vacation Program
- Know your rights; there is a five-day grace period to cancel a timeshare contract. The salesperson may have convinced you to sign off on your right in exchange for a bonus gift. Regardless you still have the right to cancel; we recommend contacting a real estate law firm in Mexico if you feel you have been a victim of a scam.