Timeshare Law: Get out of a timeshare legally
Get to know who´s side the Law is. Learn your rights as a consumer so you can defend yourself against timeshare resorts that sell fraudulently and get out of a timeshare legally
All timeshares purchased fall under the jurisdiction of the state or the country you purchased at. In the case of mexican timeshares, purchasers from foreing countries such as USA or Canada must be very careful since American or Canedian law does not protect them. Timeshares purchased in Mexico fall under Mexican jurisdiction.
There are various timeshare laws and regulations in Mexico to give order to the timeshare industry; however, they are not very effective at preventing scams. There are also consumer protection laws in Mexico that assist timeshare purchasers to cancel their timeshare contract within a 5 day rescission period. Unfortunately, these laws do not assist purchasers who have fallen victim to timeshare scam and didn´t become aware of the scam until after the 5 day cooling off period had already passed.
The requirements stipulate that the timeshare resort must comply with financial and safety regulations; however, they do not provide any rules of conduct for employees of the resort or consequences for mistreatment of clients and fraudulent sales practices. These timeshare laws may protect the physical safety of the timeshare employees and tourists while they are visiting the property, but do not enforce ethical business practices.Five days to get out of a timeshare legally
The Mexican Consumer Protection Agency, PROFECO, has a 5 day right of rescission timeshare law. This timeshare law was put in place to protect consumers who make quick purchases without having time to read the entire contract. If you purchased a timeshare within the past 5 days, make sure that you read every clause of your timeshare contract very carefully. Unfortunately, it is common in the Mexican timeshare industry for the salespeople to make false promises of rental or resale income in order to close a sale. There will often be a clause contradicting this promise in the written contract.
If any promises that influenced your buying decision are not included in the contract, do not count them as legally binding as the only things that can be valid according to timeshare laws are those written in the signed agreement. If you find any discrepancies in your contract within the 5-day rescission period, act immediately! According to PROFECO, the consumer can cancel the timeshare agreement within 5 day period without penalty.
If the client returns to rescind the contract, the timeshare salespeople shows them the signed waiver and are typically very aggressive when they advise the client that they have given up their rights to cancel. This practice is illegal according to Profeco’s timeshare law, as the right or rescission cannot be waived by the buyer, even if the buyer signed a document stating that they willingly give up this right. The consumer always has 5 business days to cancel the timeshare contract, beginning from the day after the contract was signed or delivered to the client.
Cancelling after five days to get out of a timeshare legally
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ABOUT THE AUTHOR
Barbara FletcherAbout Mexican Timeshare Solutions:
Our goal is to assist timeshare purchasers who feel they were scammed or taken advantage of by fraudulent salespeople. We offer a free consultation and we do not rest until get your cancellation.