Released on October 28, 2014
The Consumer Protection Division of the Financial and Consumer Affairs Authority reminds consumers to be aware of timeshare sales fraud. Companies claiming to sell timeshares for properties in Mexico are soliciting in Saskatchewan.Complaints have been received against Lakebridge Realty and Minne Realty in Canada and the United States.
Consumers have complained that no goods or services were received after payment and the companies did not return calls.
Red flags:
- Upfront fees – unless specified in the contract, buyers typically only pay ‘closing fees’ on property sales. Be wary if you are asked to pay "advanced appraisal fees", "transfer fees"’ or "taxes and liens.”
- High pressure sales – timeshares are generally a buyers’ market. If a company pressures you to "buy now or lose out on a limited time offer," you should be wary.
- Do business with well-established companies with a long track record.
- Don’t wire money to people you don’t know.
- Check with the Better Business Bureau and research the company for free online at www.bbb.org/saskatchewan/.
- Learn more from the Consumer Handbook at www.consumerhandbook.ca/en/topics/housing/timeshares.
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For more information, contact:
Matt BartonFinancial and Consumer Affairs Authority
Regina
Phone: 306-787-6067
Email: matthew.barton@gov.sk.ca