What is A Timeshare And How Does it Work?AVOID THE SCAM!!!
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Are you interested in acquiring a timeshare in the near future? Do you want to get rid of your timeshare? How long does it take for a timeshare refund? A timeshare purchase is a legal matter, not an agreement, so you will have to consider the pros and cons carefully.
There are many things you have to be aware of related to timeshare ownership before you sign a contract. In this article, you will be able to find out what is a timeshare and how does it work.
When you buy a timeshare, you are actually purchasing the right to use in a unit a resort for a certain period of time each year, normally a week or two, although it could be for a longer time. You are supposed to have that for the rest of your life, or for a contracted number of years.
Timeshares are acquired in advance for a certain amount of money. The timeshare prices will range depending on the type of unit, the resort and where it is located, also the value of the week that you choose. For instance, weeks in the Christmas or summer season cost more than weeks in a low season period.
When owning a timeshare, you have to pay maintenance fees, which can be an annual amount or a monthly payment. Additionally, your share of property taxes at the resort. Those maintenance fees, which can range from roughly $500 to $3,500 a year, must be paid whether or not you use the unit When you stay in the unit, you will be charged a fee for cleaning services.
Buying a timeshare in Mexico
The timeshare industry is located all over the world. But buying a timeshare in Mexico has become pretty common since it plays a big role in Mexico's economy and tourism. The sellers claim that you can sell that "right" back to the same resort, or the resort will help you sell the right of the property. But this is a lie. This happens when you cancel the contract. After this, a common questions are: how can I cancel my timeshare? How long does it take for a timeshare refund? This depends on how and when you cancel the contract. If you act quick, you can get your answer faster.
Now that you know what is a timeshare and how does it work, it may be of your interest how buying a timeshare in Mexico has its consequences. Since this is a country with great timeshare demand in sales. Americans, Canadians and people from the South American countries tent to purchase properties in Mexico, from timeshares to lands, attracted to the exotic beauty of this country.
First, resorts are known to offer timeshare tours in which people are introduced to the units available. This is a sales strategy for people to easily buy an ownership with the resort. Another tactic is inviting people to a timeshare presentation, offering free drinks or dinner, and claiming to take 90 minutes of their time. This turns into 4 hours of feeling under pressure to sign a contract, according to some buyer's experience.
Another complaint is salespeople should be decent and honest people since they are working in high end resorts. But instead, they tend to be great manipulators, and lie about timeshare cancellation. They beware will lose their right to cancel after signing the contract, or sometimes they won't say anything.
The resale of timeshare is also a business you should stay away from. Either you want to get rid of your timeshare or get one. There are people dedicated to posing as real estate agents and scam people trying to sell their secondhand timeshare.
They will take your money as an up-front fee in exchange for a contract "ready to buy" your timeshare. Such contract never existed and when you realize, the reseller has already vanished. Every way to contact them is fake e-mail, phone numbers and the address.
Avoid the Scam
When assisting to timeshare tours, don't get carried away by the luxury of the units. Resorts will most likely give you a totally different one once you sign papers, also a pushy salesperson is a scam indicator.
Be aware of these companies dedicated to the timeshare resale, as they require upfront fees that are not refundable. They can range up to hundreds of dollars.
Make an internet research on the sales person offering the timeshare, or the timeshare company. Look for websites with traveling reviews or timeshare content.
Before making payments or providing credit card information, obtain a written contract that describes in detail the services to be provided. Make sure you understand the terms, including the fees; whether you can still rent or sell the part on your own; how long the contract will be in force; and who is responsible for documenting and closing any sale.
Canceling a Timeshare
Like it was stated before, when buying a timeshare in Mexico, people are misled by timeshare tours and salespeople into buying an ownership, as well as tricked into believing is impossible to cancel a timeshare after signing the contract, so they will not be able to get their money back. It is essential to know your rights while buying a property in a different country, as well as knowing what is a timeshare and how does it work to avoid bad financial surprises in the future.
PROFECO has a recession law which applies to Mexicans and foreigners in the same way. This law states that you have 5 business days to terminate a timeshare contract.
If you are wondering how long does it take for a timeshare refund, know that his may or may not be a long process, it depends on every case. You can start by writing a cancellation letter, which has to include the following information:
- Your contact information
- Date purchase
- The name of your timeshare resort
- The contract number
- The names on the timeshare contract
- A statement of cancellation
Do you consider yourself being a victim of a timeshare scam? Do you want to ditch your timeshare ownership? We understand it can be a big headache. We are a company that will help you to legally proceed in the cancellation or termination of the timeshare contract. Give us a call and get a free consultation. It does not matter if your cancellation period is over.
To receive more information about what is a timeshare, how does it work and how to cancel it, send a WhatsApp to +52 1 333 239 6589, fill in the form in the contact section or call us at +1 714 277 3662.