Watch out! There is a re-sale scam in Mexico Timeshare, don’t become the next sorry victim.
When purchasing a timeshare, one of the biggest problems is the consumer, people do not want to own two lots of timeshare, so they could potentially become a victim of the re-sale scam unless they carry on reading below….
Consumers are contacted with promises of guarantees that their timeshare can be re-sold within a certain amount of time. Even if the guarantee wasn’t given in so many words, if it was inferred that the timeshare could be re-sold for you, it is more than likely an act of misrepresentation.
To spot timeshare resale fraud and to protect yourself from being a victim of it, consumers need to understand what is involved. The first thing to bear in mind is that the fraud happens more often than not in Real Estate Transactions and there are various different elements you need to think about to understand whether you are going (or have been) a victim of fraud, they are:
- Has a false statement been shown/told to you as a material fact?
- Did the person telling you this statement, know that in fact, the statement was a lie?
- When the salesperson delivered this information to you, did they purposefully intend to lie to you?
- Did you rely on the salesperson giving you true facts and information to make a purchasing decision?
- Have you suffered financially because of the information that was given to you and how it was delivered?
- If you can say a big yes to all of the above… you are definitely a victim of the Mexico Timeshare fraud.
Other things that you need to look out for are how the scam may be presented to you. You need to be aware of the terminology and wording used in any type of paperwork or conversation. For this example, I will use The Escrow Liquidation Contract. The Escrow Liquidation Contract phrase does not use the term “resale”. This is for very specific reasons, the legal definition of the word “liquidation” is to settle or to pay (a debt). The term “re-sale” is not used since the timeshare that is to be “resold” is presented by the timeshare seller as already having been sold to a third-party buyer! What they are doing is trying to ‘sell’ to you that the hardest part of the transaction has already been completed…. Somebody wants to buy it! The reality is the documents will be fake, whilst looking like legal and binding documents; they will not be worth the paper they are written on. You will then be asked to sign the paperwork and of course, pay a fee to ‘activate’ the sale! All of which is just part of the scam to make you part with your money, with you gaining nothing in return.
You need to protect yourselves from these sharks that are swimming in your financial waters. Any sign of weakness and they will eat up your money in a flash. If you’ve signed something and you are unsure – cancel it!! If you’re considering taking any action in regard to your timeshare….. Research it. Know that no matter how good you are, there are people out there who are BAD! They have no scruples or morals and will take your hard earned money without giving it a second thought!
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk