Did the word timeshare make you cringe? Unfortunately, they have a terrible reputation around the globe because of bad management and misuse.
What is a timeshare?
It is an agreement in which you share the costs and use of a home, cabin or condo with other people. That means when you buy a timeshare you are buying the right to use the shared property and paying the costs for such rights; therefore, with proper aid they could be an incredible budget friendly vacation option.
- It has 9 of the 11 ecosystems in the world, making it one of the most bio-diverse countries in the world.
- The rules for ownership are quite clear and simple.
- Mexico has 34 sites that are world heritage.
- It has one of the richest cultures in the world with over 56 different indigenous groups.
- Mexican cuisine is also part of the World’s heritage.
- First of all, get full disclosure from the service provider before signing any document;
- Read carefully and get a translator; contracts must be drafted in Spanish; English translations do not have legal effects and they are made for courtesy purposes only; most of all, make sure that any promise is part of the written contract;
- Ask for the cancellation policy; each contract must contain a cancellation clause without penalty if it is exercised within 5 business days after it was signed; in conclusion, ask for an exit door;
- Get a clear description of the services, fees, schedule, payments;
- Get full information about warranties, fines and penalties;
- Ask for permits and licenses to conduct business in Mexico; the service provider must show that it is authorized to conduct business in accordance the Mexican law;
- Get a copy of the contract and ask for independent legal advice before you sign it; contracts must be in accordance with the NOM029-SCFI-2010 and previously registered before the Mexican Protection Consumer Agency, PROFECO
Timeshare could be a reliable option to have access to a “dream vacation” with an affordable investment; however, sometimes they could be a real nightmare for those trapped by obscure and unreasonable terms. Fortunately, Mexican law provides remedial options and we have assisted our clients to keep their good credit, avoid outrageous penalties and get their money back.