Timeshare Cancellation Rights
If you find yourself in a situation where you bought a timeshare and now you want to get rid of it, you still have the right to cancel the contract. Learn about your timeshare cancellation rights in Mexico
Many people purchase a timeshare expecting it to be a great acquisition and a good investment. But timeshares need to be looked up as a purchase, instead of an investment. By the time the maintenance fees and the assessment fees start to pour in, they become conscious they got their selves into what could be an exorbitant trouble, full of debts, headaches and unnecessary problems.
What you have to know first, is that each timeshare purchase made in Mexico fall under the jurisdiction of the Mexican laws, even if you come from a different country. Therefore, you have to be completely sure you understand every line of the contract before signing any paperwork: read the fine print, look for reviews of the company and always ask questions. By following those simple suggestions, you’ll keep yourself away from a scam. In the following paragraphs we’ll explain your timeshare cancellation rights in Mexico.
Timeshare Cancellation Rights – The Sales
Under the Mexican law, the only way a company can make a timeshare sale in Mexico is by notifying itself with the Industrial Development of Mexico Department as well as the Ministry of Commerce. If the company hasn’t notified itself to any of those departments, it is not authorized to sell timeshare properties.
Timeshare Cancellation Rights – The Standards
The Mexican Secretary of Tourism (SECTUR) governed some regulations that the Timeshare Resorts in Mexico must comply. Also, every Timeshare Organization must follow the requirements established by the National Registry of Tourism. Those requirements specify that the resort is obligated to obey financial and safety standards. Nonetheless, since the guidelines haven’t been changed since 1989, it doesn’t mention any conduct rules for the resort employees or consequences for dishonest sales practices.
Timeshare Cancellation Rights – The cancellation period
According to the Mexican Consumer Protection Agency (PROFECO), which is the one that establishes the costumer’s timeshare cancellation rights, the company must provide a 5 day rescission period, so the purchaser has the right to cancel the contract within 5 days since the timeshare agreement was signed. This law was made in order to protect those consumers who are easily persuaded and make quick purchases without reading the complete contract. If the contract does not mention the rescission period and you have the documents to prove it, there’s a big possibility that the company end up losing their license. A client should be able to cancel the timeshare during the cooling off period without any penalty.
Timeshare Cancellation Rights – After the cancellation period
Unfortunately, in most cases timeshare owners don’t know their timeshare cancellation rights when signing the contract, and they realize they have been scammed after the rescission period has already passed. In these situations, cancelling the contract becomes a difficult task, given that the agreement is made to make sure that the resort’s interests are protected. Without enough evidence, it is very hard for the victim to prosecute the company.
Timeshare Cancellation Rights – The recommendations
Before making any purchase, make sure you know your timeshare cancellation rights. If you already made the purchase and are trying to cancel the contract, there are many Timeshare Cancellation Companies who claim to assist clients who have been victims of a timeshare fraud to cancel their contract and recover the money they’ve lost… but after you give them an upfront fee. Be aware, timeshare cancellation should not cost you upfront! In MTS, we don’t charge any fees until the contract is cancelled: No results, no pay. Contact Mexican Timeshare Solutions for a free consultation and analysis of your timeshare matter. Contact us today and relieve yourself from future payments.
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