Have you been considering investing in a timeshare or vacation club membership? Would you like to know more about the rescission period rules in Mexico? To clarify, the rescission period is the time frame during which timeshare owners can cancel their membership legally. If you would like to know more about the timeshare rescission laws in Mexico, and how they protect buyers, then continue to read below.
Rescission Period Rules in Mexico
The rescission period was developed to protect buyers by providing added flexibility when they are buying a timeshare. The laws were created to allow a certain amount of time when a timeshare owner can cancel their membership without any penalties. This time will allow buyers to review their decision, and they can cancel their membership without any legal repercussions if they so choose. The recession period protects both the buyer and the seller, but this is only for new Mexican timeshares and vacation club memberships. The rescission period does not apply to timeshare resales.
How Does the Rescission Period Actually Work?
The rescission period gives consumers added time to rethink their purchase without having a sales person present. Some new members will go over the pros and cons, then if they decide to cancel, they can do so legally. There will be no financial consequences for cancelling during the rescission period. New buyers need to be aware of scammers out there that are trying to steal your money by trying to confuse them about cancellation rules. The truth it, you cannot cancel your timeshare membership once the rescission period has passed.
What if the Rescission Period Ended?
If the rescission period has already ended, you can’t cancel your membership. If you really want to get out of your timeshare membership, then you can try to sell it to someone else, but you are legally committed to paying your timeshare membership, maintenance fees, and any dues. Sometimes providers will work with existing members to come to an agreement, but that is not always the case. If you have any questions, always direct them only to your existing provider and do not involve any outside parties.
Cancellation Scams to Avoid
To avoid becoming a victim to a cancellation scam, you need to know the warning signs to look for. You should only work with your reputable provider. You can always research a company to see if they are a reputable provider. Also, if you believe for any reason that you have been involved in a timeshare cancellation scam, then you need to contact PROFECO immediately. PROFECO is a government agency where individuals and consumers can make complaints about fraudulent or questionable businesses in Mexico. If you share your story, then the authorities can try to stop these scammers from scamming other innocent timeshare owners and people.
We hope that this rescission period rules in Mexico article has provided you with plenty of information to keep you from being scammed. You know now know the rescission period rules in Mexico allow you to cancel your timeshare or vacation club membership legally without any legal issues during the rescission period only.