| NancyDrew |
Jan 28th, 2003 09:29 AM |
Real Estate and Time Shares: (travel.state.gov/mexico.html) U.S. citizens should be aware of the risks inherent in purchasing real estate in Mexico, and should exercise extreme caution before entering into any form of commitment to invest in property there. Investors must recognize the absolute need to obtain authoritative information and to hire competent Mexican legal counsel when contemplating any real estate investment. Mexican laws and practices regarding real estate differ substantially from those in the United States. Foreigners may be granted the right to own real property only under very specific conditions. Whether investing through a trust mechanism in border and coastal areas or by outright purchase in Mexico's interior, U.S. citizens are vulnerable to title challenges that may result in years of litigation and possible eviction. Title insurance is virtually unknown and untested in Mexico. In addition, Mexican law recognizes squatters' rights, so homeowners can spend thousands of dollars in legal fees and years of frustration in trying to remove squatters who occupy their property. American citizens also should exercise caution when considering time-share investments and be aware of the aggressive tactics used by some time-share sales representatives. Buyers should be fully informed and take sufficient time to consider their decisions before signing time-share contracts, ideally after consulting an independent attorney. They should resist pressure to sign a contract the very day that they see the model unit. Mexican law allows time-share purchasers five days to cancel the contract for unconditional and full reimbursement. U.S. citizens should never sign a contract that includes clauses penalizing the buyer who cancels within five days. <BR><BR><BR>Canadian Government Travel Warnings About Timeshares: ( www.voyage.gc.ca/destinations/menu_e.htm) Reports of problems with time-share arrangements (including the cancellation of contracts) have increased. Exercise caution whenever approached by persistent time-share representatives, since they may use pressure sales techniques. Review the contract to ensure that promises made are confirmed in writing. Anything not included in the contract may not be honoured. Do not reveal personal information nor show your passport or plane ticket. Only provide your credit card if you are certain you wish to make the purchase. Mexican law stipulates that consumers are legally entitled to cancel a time-share contract without penalty. The cancellation must be done within five working days from the day following the original date of purchase. Cancellations of contracts must be done in writing and must be presented directly to the time-share company. Keep copies of any correspondence. If you experience any difficulties in with the time-share company, you should immediately contact the Mexican consumer protection agency, Procuraduría Federal del Consumidor (PROFECO). Further information on PROFECO, including service locations throughout Mexico, can be found on their Web site (www.profeco.gob.mx).<BR><BR><BR>An Example of One Property ( www.solcaribeowners.com/index.htm) <BR><BR><BR>ABC NEWS 20/20 by Arnold Diaz: "Beware of the Heat Merchants" (abcnews.go.com/sections/business/2020/diaz010727.html) The Claims and the Realities: As an investment, timeshare is as bad as it gets, difficult to resell and at a fraction of what you paid for it and difficult to rent out. <BR><BR><BR>ABC NEWS 20/20 by Arnold Diaz: "Sales Pitchfalls, Pitching Heat, Show Them the Best, Sell Them the Rest (abcnews.go.com/sections/business/2020/diaz010810.html) <BR><BR>In another foreign field:<BR>John Palmer: Timeshare Swindler Latest August 4th, 2002 BBC News 16,000 Swindled ( http://www.htvwest.com/news/02_04_ap...iscation.shtml) <BR><BR>
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