The timeshare industry became one of the havens of scammers and defrauders nowadays. Any potential timeshare buyer is vulnerable to the methods of these defrauders that might seem legal. Because of scams, some people refused to own a timeshare. Meanwhile, some current owners also are trying to get out of their timeshares. In Mexico, frauds are pretty commonplace in timeshare sales.
If you happen to purchase a timeshare during a tour in Mexico, be aware that Mexican law requires a 5 business day cooling off period for timeshare purchases. They also call this as the rescission period. But putting this rescission period into action with the timeshare sales force is another matter all together.
As a matter of fact, most of the fraud that occurs in the Mexican timeshare industry has something to do with the rescission period. So, this law is completely ignored by the salesmen and some timeshare resorts require you to sign your rights away even though Mexican law does not allow this either.
The said cooling off period is a right guaranteed to you by Mexican law. You cannot waive this right away even though many timeshare sales personnel who will insist that you must do so. With this, you have the right to cancel the sale within five business days.
Aside from scams, owning a timeshare comes with a number of disadvantages also and take note that there are more and more owners nowadays who want to get rid of their timeshares. Some even hire a timeshare transfer company like the Transfer Smart just to get rid of it. So, before you buy a timeshare whether in Mexico or elsewhere, be sure to find out what your consumer rights are. These rights can be your main protection against those predatory sales tactics.