What You Need to Know about Mexican Timeshare Rescissions
If you are thinking about investing your money in a timeshare and/or vacation club membership, then you will probably want to know more about the rescission rules and laws in Mexico. What is a rescission period? The rescission period is the time during which the timeshare provider gives new vacation club owners the opportunity to cancel their membership legally. Continue to read below to learn what you need to know about Mexican timeshare rescissions.
Timeshare Rescission Period Laws
The reason the rescission period was created into a law was in order to give consumers added flexibility and consideration in regards to the purchase of a timeshare membership. These laws in Mexico were developed in order to give new vacation club owners the chance to cancel their membership without any legal liabilities. The buyers can rethink their membership decision, then cancel their membership if they want, and they will not be responsible financially for the membership. The timeshare rescission period laws were made to protect not only the buyer, but the seller as well. Also, it is important to note that the rescission period laws only apply to vacation club memberships that are purchased from professional and reputable providers. Only new timeshare memberships that have been bought from genuine timeshare providers will be eligible for cancellations during the rescission period. If you buy from a resale or from a provider that operates illegally, the rescission period laws do not apply.
Rescission Period Laws – How Do They Work?
How do the rescission period laws work? Mexican timeshare providers wanted to allow their buyers a set time period to think about their new purchase without sales people there. New membership buyers can think over the investment pros and cons, and if they decide they want to cancel their membership, they can do so legally as long as the rescission period hasn’t passed. No legal consequences will occur to the buyer if they cancel their membership within the recession period. All new buyers must be totally aware of fraudsters that try to take advantage of vacation club owners with a Mexican timeshare cancellation scam. They will twist the facts regarding the rescission period timeframe so they can scam money from innocent people. You don’t need anyone to help you cancel your membership as long as it is during the rescission period. Remember, the rescission period laws are not covered with resales or fraudulent companies selling a fake membership so stay alert.
The Rescission Period Has Expired – What Can a Timeshare Member Do?
What can a vacation club member do if the rescission period has already expired? If the rescission period has expired, then the reality is you cannot cancel your membership and the contract is legally binding. You could try to sell your membership to another person or talk with your existing provider about other options. When the rescission period has expired, you are legally obligated to pay your dues, maintenance fees, and regular timeshare payments as stated in your membership contract.
Cancellation Scams to Avoid
Lastly, there are cancellation scams that you need to avoid. You don’t want to become the next victim. Knowing the scammer warning signs will keep you aware, which will protect you, your timeshare, and your investment. You can avoid cancellation scams by never working with anyone but a genuine vacation club provider. Anytime you think they are not genuine, then do a quick search, because all genuine providers have plenty of experience and an excellent reputation. If you think you were scammed, then you should contact the Mexican governmental agency called PROFECO, and there you can make a complaint. The agency will try to penalize any scamming companies and unscrupulous individuals who work for them. You will be helping other people from becoming a victim by sharing your experience with the appropriate authorities.
You have just read all the information you need to know about Mexican timeshare rescissions and their laws. You can now be protected if you decide to purchase a vacation club membership in Mexico.