Are you thinking about investing in a vacation club or timeshare membership? Are you wondering what the rescission rules and laws are in Mexico? The rescission period is the short time frame in which new timeshare club owners can legally cancel their membership. Would you like to know all the important details about how Mexican timeshare rescission laws work? If so, keep reading below so you can learn more about Mexican rescission laws and how they were implemented in order to protect consumers who decide to invest in a timeshare membership.
Mexican Timeshare Rescission Rules
The concept of the rescission period was created in order to give consumers a bit more freedom and flexibility when it comes to making the decision to purchase a timeshare. As a result, laws were created in order to establish a certain number of dates when a new vacation club owner has the opportunity to cancel their membership without a consequence. The rescission period allows buyers the ability to rethink their decision and cancel their new vacation club membership without the risk of financial liability or legal ramifications. It is important to note that the rescission laws were created in order to protect consumers and sellers. However, the rescission rules only apply to Mexican timeshares that are bought directly from a genuine vacation club provider and not those that are resold. Therefore, it is important to realize that rescissions rules discussed in this article only apply to new vacation club memberships bought directly from a legitimate provider.
How Does A Rescission Period Work?
Are you wondering how does a rescission period work? The intent of the rescission period for Mexican timeshares was to allow consumers a time frame to really think through their decision without having the added pressure of sales persons around them. Once new members are able to step back and to really weigh the pros and cons of their investment, the rescission period protects them by allowing them to legally cancel their timeshare if they come to the conclusion that they made a rash decision. If for whatever reason, a new owner decides that they do not want to keep their membership after all, they have the ability to request a cancellation without facing legal retributions or financial consequences. It is important to be aware that there are fraudsters out there they try to operate a scam in regards to cancelling a Mexican timeshare. The cancellation scammers will try to misconstrue the facts about the rescission time period in order to scam innocent individuals out of their hard earned money. The truth is you can cancel your timeshare if you are within the legal rescission period time frame which is designated in your specific membership contract. As a reminder, the only time a rescission period would not apply is when a timeshare is purchased from the resale market, or if a fraudulent and illegitimate company sold a fake timeshare membership.
Rescission Period Ended – What Now?
Has your rescission period ended and you are wondering what to do now? After the rescission period has passed, no one is able to cancel their membership contract. If for whatever reason you really want to terminate your membership, your only option will be to try to sell your timeshare to another individual, or try to come to an agreement with your existing provider. Legally, you are committed to paying your membership dues and maintenance fees after the rescission period has ended.
Avoid Cancellation Scams
Lastly, it is important to recognize the signs of a cancellation scam in order to avoid becoming a scam victim yourself. If you are aware of the warning signs of a scammer, it will make it easier to keep yourself safe and protect your investment. The best way to avoid a cancellation scam is to only work with genuine and reputable providers and sales agents. If you are ever in doubt, do your research and take care to only deal with legitimate providers that have an established reputation and experience in the industry. If for some reason, you feel you have inadvertently been involved in a scam, make sure to report it to PROFECO which is the governmental agency in Mexico where you can make formal complaints against companies or individuals. That way, by sharing your experience, the authorities can do their best to penalize unscrupulous individuals and companies operating scams, and you also help potential timeshare owners avoid becoming a victim themselves. We hope you enjoyed this article about Mexican timeshare rescission rules, and that you know have a better understanding of how it works to protect the consumer and the seller.