Are you a timeshare owner in Mexico and you have been contacted by a potential buyer? You should read this to avoid being a victim of timeshare scams.
Timeshare, also known as “vacation ownership”, “holiday ownership” and “interval ownership” is a blooming industry. According to the ARDA, it continues to lead the hospitality sector with a 10.2 Billion market and 80.8% average occupancy just in the United States, but also, the numbers of timeshare scams have increased in the last year.
Today an important market to acquire and resale a timeshare is available but also, the numbers of victims of timeshare scams have raised; according to Consumer Report, an independent non-profit organization, timeshare owners have been targeted by scammers
You might want to sell it due economic reasons or because your lifestyle has changed; nevertheless, you should consider the following steps before you are another victim timeshare scams:
- Full disclosure; as any other transaction, you should get full disclosure about any party involved in the deal including, potential buyer, agents, attorneys; timeshare scams usually do not provide clear information.
- Due diligence; before, sending any personal and sensitive information, you should review all related documentation, including letters of intent, contracts, agreements promotional materials, etc. Timeshare scams are fishing for personal and sensitive information, including bank information;
- Keep track; you should request that any promise or offer is in writing. Timeshare scams will try to avoid leaving a paper trail.
- Do not signing any document until you have been advised by your attorney. Timeshare scams are designed to mislead educated people with not legal experience.
- Do not send nor receive money until you have completed the previous steps. Timeshare scams will ask for several small amounts until you realize you ara facing a substantial economic loss.
Please keep in mind that timeshare scams are very sophisticated structures designated to mislead intelligent and well-intentioned people like you; therefore, you should get help from a seasoned professional in the industry to avoid a be a victim of a timeshare scam.
Since 2007 we have been assisting Canadians dealing with legal needs in Mexico including timeshare scams.
Have you been asked to sale your timeshare in Mexico? contact me now before is too late.