No, buying property in Mexico is not the same as buying a timeshare in Mexico. Unlike investing in a physical property, timeshare doesn’t give you legal title or possession nor does it give you a share of physical property as fractional ownership does: as the name suggests, you are buying a share of time.
Buying property in Mexico is not at all like buying Timeshares. Timeshare companies are notoriously hard-sellers, often offering potential customers artificially-low priced vacations in exchange for attending a timeshare sales seminar, where high-pressure sales teams descend upon them.
How to Protect Yourself When Buying a Mexico Timeshare
Can You Cancel a Timeshare Purchase in Mexico?
Timeshare contract cancellation is governed by Mexican law. Timeshare purchasers in Mexico have the right to cancel their purchase within five business days of signing the contract.
If you try to use this right, you may be told that you waived the right when you signed the contract. This is not true as it’s by Mexican law that you have this right.
If you don’t want to go through the cancellation process, you can simply avoid buying Timeshare property by doing your research and staying away from companies that promote them.
If you wish to cancel, contact the timeshare company and tell them explicitly that you wish to cancel: you hire the services of a local Notary Public to ensure the cancellation notice is properly processed and registered.
We recommend this law firm to assist you with getting your cancellation properly processed. Click here to visit their web page.
If you’re ever interested in selling your Timeshare before its natural expiration date, make sure to check the contract first. Many Timeshare contracts don’t allow sales to take place outside of the company you purchased it from. You may have to pay an exit fee.
Fractional Ownership vs a Timeshare in Mexico
Fractional ownership is a legal form of real estate ownership in Mexico that provides a way for property investors to purchase property legally.
Fractional ownership is an alternative to timeshare. Unlike timeshare contracts, fractional contracts give each buyer a percentage share (a fraction) of the property.
Sharing the Buying of Mexico property with friends and family
Fractional ownership allows you to buy a property together with others.
For example, a property with a sales price of $5 million pesos might be purchased by 10 friends/family at a cost of $500,000 pesos each. The property is divided into parts. In this example, it would be into 10 parts, with each friend/family member holding 1 part.
Owners are jointly and severally responsible for the costs involved in maintaining and managing the property.
Fractional owners often have the ability to sell their shares, but check the special rules associated with shares before you decide to sell.
For advice on buying property as fractional ownership Reach out to G,l & associates to get more advice. Click here to contact via their website.
Start looking for your property in Mexico today. Click here to start looking for property in Riviera Maya Mexico.
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Which Type Of Mexican Property Should Americans Buy
What Is A Fideicomiso? Buying Mexico Real Estate For Americans
