When buying a timeshare in Mexico, it’s important to understand all your legal safeguards. The Mexican law allows a buyer five business days to cancel a signed timeshare contract.
Purchasers can cancel a timeshare contract within the five day period without a penalty. This right cannot be waived. (Article 56 of the Mexican Consumer Law)
Important Restrictions
United States laws (including state laws) don’t apply to the transaction of a timeshare purchase in Mexico. Both parties must abide by Mexican law.
No foreigner can own land within 50 kilometers of the coast or 100 kilometers of an international border. Since most timeshares reside in popular beach resorts, this law means a timeshare purchase gives you the right to use the timeshare, but you don’t have an interest in the real estate.
Typically, you will obtain the right to use one or more timeshare units for a specific number of weeks during a certain number of years. Like most U.S. timeshare transactions, buyers will pay a purchase price and periodic maintenance fees, which usually increase every year.
Get It in Writing
Whether you buy directly from an owner or at a resort’s sales presentation, you’ll want everything promised in writing. You may get swept up in the excitement of buying a timeshare in Mexico, the beauty of the location, or a persuasive salesperson.
However, if a seller makes particular promises, the contract should include them. This standard applies to purchasing a timeshare anywhere.
Consumer Protection
If you decide to cancel your timeshare contract within the five-day period, notify the developer or seller in writing as well as in person, if possible. The contract also should instruct you on how to cancel the sale.
Keep proof of everything to protect your rights. The law requires the timeshare developer or seller to refund your money without penalty within 15 business days. If you run into problems with the refund, Mexico’s PROFECO, a governmental consumer protection agency, offers a special department (C.A.R.E.) dedicated to timeshare disputes.
RedWeek can help you buy timeshares directly from owners. Check out these timeshare resales in Mexico.
Legal Disclaimer: This blog post is for educational purposes only. For specific legal advice, please contact an attorney.