December 10, 2021: The CAFC is warning the public about fraudulent schemes targeting timeshare owners. Canadians are being contacted by telephone or email and are presented with an offer to sell their timeshare. In some cases, the owner advertised their timeshare for sale on the internet. The suspect promises a quick sale with a high profit margin. Various fees are requested up front prior to the final sale, which includes maintenance fees, escrow fees and taxes.
Documentation and correspondence with the victim may seem very professional. The suspects provide victims with documents that appear to be legitimate. The documents are very detailed and may require a signature or witness to provide a false sense of authenticity and credibility. Victims are often solicited by companies in Mexico or the United States and are required to wire funds to a bank account in Mexico or another country.
- Be wary of unsolicited offers to sell your timeshare. Do not agree to anything over the phone or online until you thoroughly research the buyer
- Do your research and only use an accredited agency
- Do not pay upfront fees
- If you are interested in selling your timeshare, use a company that offers to sell for a fee after the timeshare is sold
- Phone and fax
Scammers lure you in with free stays at a timeshare in exchange for you agreeing to sit through a presentation about the timeshare. If you buy a timeshare, scams can include:
- Hidden booking or maintenance fees
- The company going out of business once they secure a deposit
Timeshare resales scams
A scammer calls to offer to buy your timeshare that you've advertised for sale online. They promise a quick sale with a high profit margin. However, they ask for various fees up front before the final sale, including maintenance, escrow and taxes.
- Date modified: