Is Mexican timeshare solutions legitimate?
Is Mexican timeshare solutions legitimate?
Mexican Timeshare Solutions is a company that scams people by offering them a cancellation service that they cannot legally provide. They look for current timeshare members who are interested in getting out of their vacation club membership. Then, they tell them they can help cancel their timeshare contract for a fee.
How can I get out of my timeshare in Mexico?
In Mexico, there is a five business day grace period to cancel a timeshare contract. If you are within the rescission period, hire a Mexican real estate attorney to send a certified letter to the resort requesting a cancellation of the contract.
Can I sell my Mexico timeshare?
We advise the owners of timeshares that if they are interested in selling, do so through a notary public or a real state agency in Mexico. A notary public or a realtor will help the seller pay for the applicable taxes and carry out the necessary paperwork.
What happens if you stop paying maintenance fees on a timeshare in Mexico?
you stop paying. They get zero and will never get anything from you and eventually take you to court and get the deed through foreclosure. End result they get deed back and you paid nothing and it took years.
How much does it cost to exit a timeshare?
about $5,000 to $6,000
Costs to Get Out of a Timeshare On average, it costs about $5,000 to $6,000 and takes 12–18 months to get out of your timeshare contract using a timeshare exit company. But the cost and the timeframe can vary depending on a number of factors including, how many contracts are attached to your timeshare.
Is the sale of a timeshare taxable in Mexico?
While Mexico does have a VAT that can technically be applied to time shares (but seldom is, say sellers), that tax would have been paid when you bought the unit. As for a “luxury tax,” Mexico does have the equivalent of a capital gains tax on sales of residential dwellings that aren’t their sellers’ primary residence.
Do I have to pay taxes on property sold in Mexico?
Generally, the profits from selling your property in Mexico are taxable, with the exception of any gains from a resident taxpayer’s principal residence.
How do you get rid of a timeshare that is paid off?
To get out of a timeshare legally, consider these options:
- Use the rescission period.
- Call the timeshare developer.
- Rent your timeshare out.
- Sell your timeshare on the resale market (but expect to take a hit).
- Gift your timeshare to a friend, family member or stranger.
