A timeshare is a property purchased by a group of people typically to be used as a vacation getaway. Each owner is entitled to use the property for a set time each year. Canadians are known to purchase timeshares in countries with warmer climates, like Mexico or Costa Rica.
Scammers know it can be challenging to sell a timeshare property located in another country, and they take advantage of this. They convince you to pay upfront ‘fees’ for a fake transaction, then disappear when it is time for you to be paid your timeshare.
Timeshare scams usually have common features. Such as, scammers will offer above market prices for your property, and they’ll direct you to their own lawyer or notary to complete the paperwork. They’ll give you extensive, official-looking documentation, but all of it will be counterfeit, and you’ll never receive payment for your timeshare.
Follow these tips to avoid a timeshare scam:
- Remember: if it’s too good to be true, then it probably is
- Never pay upfront fees for a foreign real estate deal
- Always hire a local lawyer or notary to review and complete real estate documentation on your behalf – never accept the buyer’s representative. Arrange to meet the lawyer or notary in person.
- Tell Coastal Community before you wire money away for a real estate deal
- Be cautious of intermediaries – scammers will ask you to send funds to an unrelated third party
Let us know if you think you’re caught up in a timeshare scam. We will pause and review the transaction, and let you know if we find any red flags.
Let’s work together to prevent fraud
Coastal Community works around the clock to safeguard your accounts. If you suspect fraud, click here to report it right away.
Learning how to recognize fraud is the first step to protecting yourself. Learn more.