Has investing in a timeshare or vacation club membership been something that you have been thinking about? Is one thing that you are concerned about the Mexican rescission laws and what rules apply to members? The vacation club or timeshare membership rescission period is the time frame during which owners can legally cancel their membership. Would you like to know more information about how timeshare rescissions work in Mexico? If you do, then continue to read below to learn about rescission laws in Mexico that were created so buyers and sellers are protected when they purchase a timeshare membership.
How Does a Timeshare Rescission Work in Mexico?
The rescission period was developed so those who are considering buying a vacation club membership will have some flexibility with their purchase. There were laws put into place which designated a set number of days for new vacation club owners to be able to legally cancel their membership without a bad result. The timeshare rescission period gives all buyers enough time to go over their purchase decision, and if they decide during this time that they don’t want to keep their membership, they can cancel it during the rescission period without facing any legal ramifications. Sellers and buyers are both protected with the Mexican rescission laws. It is important to note that the timeshare rescission laws are only for vacation club memberships in Mexico that were bought from an actual provider. These laws don’t cover any resales of timeshare or vacation clubs. Remember, any of the rescission rules and laws that are being discussed in this article will only apply to owners who have purchased a vacation club membership from a genuine provider in Mexico.
How Does a Timeshare Rescission Work?
How does a timeshare rescission work in Mexico? The rescission period will allow buyers a number of days to think over their investment with a new vacation club membership purchase. There will be no sales representatives contacting them during this time. New buyers can take time to think over the pros and cons of their membership investment. The timeshare rescission period actually protects the buyers by affording them the ability to cancel their membership legally in the unlikely event that they decide they made a hasty purchase. The new owner can decide to cancel their membership if they decide they just don’t want to keep it, and there are no legal consequences at all. However, one thing that all new vacation club owners need to know is there are scammers out there trying to take advantage of new members with a fraudulent timeshare cancellation operation. The scammers twist the truth about the rescission period so they can scam innocent people. If it is still the rescission period, then you can cancel your membership legally. This is all mentioned in your membership contract. Again, the rescission period doesn’t apply to a timeshare that is a resale, or a fake company that fraudulently sold you a membership that doesn’t even exist so always stick with a reputable provider.
What Happens After the Rescission Period Has Passed?
If your rescission period has passed, and you wonder what you can do now, then you should understand that you are not legally able to cancel your timeshare membership anymore. In addition, no cancellation company can offer legitimate cancellation services either. If you really want to still end your vacation club membership, then one viable option is that you may be able to sell your membership to another person, or you could possibly come up with a different agreement directly with your existing provider. However, note that you are still legally liable to pay all your membership dues and maintenance fees once the rescission period has passed until another agreement is reached with your existing provider.
Avoid All Cancellation Company Scams
It is very important that all new vacation club members recognize the signs of a cancellation scam in order to prevent themselves from becoming a victim to this popular scam. Once you know the warning signs, you and your investment with your vacation club membership will be completely protected. Remember, you should always work with reputable and legitimate provider and their qualified sales representatives. Do your due diligence and thorough research if you ever have any doubt. Every reputable provider has an established history in the industry. If you believe that you may have been involved in a cancellation scam, then you should contact PROFECO immediately. PROFECO is a Mexican governmental agency that allows victims to make complaints about any company. When you share your unfortunate experience, then the authorities can try to stop these scamming companies along with protecting other innocent individuals from becoming scammed themselves. We hope this article about Mexican timeshare rescission laws and rules will help you understand how the rescission period works, and how the buyer and seller are both protected.