Can I Cancel Or Sell a Timeshare in Mexico?
If you have purchased a timeshare in Mexico, you may be wondering if you can cancel or sell the property. First of all, you can’t. Mexican resorts don’t allow non-Mexicans to own real estate. If you default on payments, the resort will aggressively pursue you. This can ruin your credit score for years.
Can you cancel a timeshare contract in Mexico?
If you’re thinking of purchasing a timeshare in Mexico, you need to be aware of the cancellation policy of the timeshare company. In most cases, you’ll have five business days to cancel the contract and get a refund. However, in some cases, you might not have this option. In such cases, you should ask a lawyer to review the contract. The contract should include all the details of the timeshare, such as its price, composition and guarantees.
If you have questions about how to cancel your timeshare contract in Mexico, you may want to contact the local consumer protection agency, Profeco. The agency protects consumers in Mexico from fraudulent activity. A consumer can also cancel a timeshare contract by filing a formal complaint with the agency. However, you’ll need to submit a copy of your contract and a written complaint.
Can you sell a timeshare in Mexico?
If you want to sell a timeshare in Mexico, you need to follow the rules of the country. You can use a local service to do this for you, but there will be a fee. You should also keep in mind that there is a five-day cooling-off period for timeshare sales in Mexico.
Beware of timeshare fraud. Many people fall victim to timeshare scams and get ripped off. You might be offered a great price, but a scammer will scam you out of your money. Be careful of alleged buyers who ask for upfront fees and promise to do the paperwork for you.
Make sure to verify the promises made during the sales presentation. While most timeshares in Mexico are right-to-use, this does not mean you won’t face foreclosure. If you fail to make payments, the resort can report your delinquency to credit agencies and may even turn over your debt to a collection agency.
Can you rescind a timeshare contract in Mexico?
When buying a Mexico timeshare, it’s important to know your rights. You can revoke a contract as long as you notify the company in writing and within the specified rescission period. While this period may vary depending on where you bought the property, in most cases, you have up to five days to change your mind.
If you feel uncomfortable with the terms of the contract, you may want to seek legal advice. Most timeshare contracts include a period of legal rescission, which can last anywhere from three to ten days. However, the timeframe is shorter in Mexico, as you only have five business days to make your decision.
When you’ve decided to cancel the contract, you must contact PROFECO, the government agency that protects consumers. You’ll need to send them a copy of your timeshare contract, as well as an explanation of your reasons for cancelling. If the company doesn’t hear from you within a certain period of time, they’ll likely file a lawsuit.