REGINA – The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) issued a warning Tuesday warning people of timeshare sale fraud.
The consumer protection division of the FCAA is advising consumers two companies claiming to be U.S. firms are selling timeshares for properties in Mexico.
Timeshares are a type of shared property ownership where a person acquires the right to occupy a piece of property for a specific period of time.
One person was contacted by both Lakebridge Realty and Minne Realty last week. He paid $2,000 to each and says no goods or services were exchanged.
FCAA is asking future customers to visit the Better Business Bureau and research companies for free online.
Here are helpful tips to consider before buying a timeshare
- Be cautious if asked to pay “advanced appraisal fees”, “transfer fees”’ or “taxes and liens”
- Timeshares are generally a buyers’ market. If a company pressures you, this is a red flag
- Do business with well-established companies with a long track record
- Don’t wire money to people you don’t know
- Never sign anything without obtaining legal advice first
- Visit the property and make sure it exists and meets requirements
- Consult the consumer handbook
Anyone who believes they’ve encountered a scam can email consumerprotection@gov.sk.ca or call 1-877-880-5550.
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