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Take Your Time When Buying A Timeshare
Take Your Time When Buying A Timeshare
laws, so before signing any paper we its size, length of the stay, location of the
You can change your mind
suggest you do some homework. resort, and the season you want to use it.
Biennial Ownership. You use a resort unit
every other year. By law, you have five business days to cancel the
contract after you have signed it. If you decide to
cancel the purchase within this period, notify the
developer by email and certified mail. Keep the
Exchange systems receipt as evidence you cancelled on time.
The basics You should receive a prompt refund of all the
An exchange allows you to trade your interval for another in a money you have paid, without any cancelling
When buying a timeshare in Mexico, the developer owns the unit at an affiliated resort. This system is very attractive, es- penalties, within fifteen business days.
resort, so your interest is legally not considered real estate. pecially because you can choose a different destiny to the one If the developer refuses to do so or
You only purchase the right to use one or more units for a you bought. It’s important that you know you don’t have to arguments you resigned to this right
specific number of weeks, during a certain number of years wait for another person to use your interval in order to make when signing the contract,
–usually 5 to 50. the exchange, the service is provided through a company that you may contact us at
In most cases, you have to pay an initial purchase price administers the intervals of the owners of different resorts, extranjeros@profeco.
and periodic maintenance fees, which are likely to increase and has a direct relationship with the developer. gob.mx. To submit a formal
every year. If you want to sell or rent your right to use the Exchange systems usually have some restrictions, so ask complaint, you must send the
interval, you may need the developer approval and the resale the developer what is the name of the exchange company he following paperwork: a brief descrip-
value will probably be lower than what you paid. This is why works with, which are the destinies available in his exchange tion of the problem, copy of the
the value of a timeshare is not as investment, just as system and in which countries; and if there are any other contract and of your ID.
a vacation option. restrictions or extra fees.