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Dwayne B.
Dwayne B., Attorney
Category: Legal
Satisfied Customers: 32367
Experience:  Began practicing law in 1992
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2 years ago we purchased and paid fractional owner-ship in

Customer Question

2 years ago we purchased and paid for a fractional owner-ship in Coco Bay Estaes in Costa Rica. We have just been contacted by a Worlwide connection group, an agent for a buyer who offer to buy our owner-shipfor a profit.
They sent us a proposed purchase agreement. One of the items in the agreement states that owners (WE) need to cover taxes, insurance past due balance, trasnfer fees ,maintanence and existing liens prior to closing. They are requiring 10% of the total buyers offer.
After we signed the agreement we wre contacted by Martin douglas Financial. A closing company located in Orlando florida. who claim that they already received the trasfer of funds from the purchaser of the property, and will continue to hold all funds untill transaction is completed.
The are requesting an internatinal Bank Wire Tranfer. Via a transfer from a our bank to a bank in Mexico. All this need to be completed before closing.
Please advise us if we should proceede. Thank you for your help.
Frank Mercogliano
Submitted: 1 year ago.
Category: Legal
Expert:  Dwayne B. replied 1 year ago.

Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts.

If they are asking for money up front then it isn't legit. If you run internet searches you will find that no legit companies will ask for money up front, all will have the monies paid out of the proceeds at closing. This is the surest sign that it is a scam.

The problem with searching by name is ***** ***** change their names every few weeks because their names get posted online and they show up as scams but if they are asking for money up front, you're about to pay them and then you will still own the property.

There is a bulletin from the FTC at https://www.consumer.ftc.gov/blog/be-lookout-timeshare-resale-phonies that discusses this

Customer: replied 1 year ago.
there is any way to report this companies?
Expert:  Dwayne B. replied 1 year ago.

You can report them to the FTC at https://www.ftccomplaintassistant.gov/#nb nd then you can file complaints about them at www.ripoffreport.com and similar sites but it doesn't do a lot of good. As I said, they change names and addresses constantly, almost all of them are actually located outside of the US, and they are seldom caught.

I'm glad you contacted us before you sent the money. Most people, unfortunately, contact us afterward wanting to know how to get their money back and there really is no way to do that since they are overseas and the money has disappeared.

There are a number of warning signs about scams, wanting you to send money up front, wanting you to send it by Western Union, Green Dot card, or Money Pak card, is another, etc.

We hear about almost all of them at some point so if you're contacted again feel free to ask us before you do anything.

If your question has been answered completely then I'd offer my best wishes to you and ask that you please not forget to leave a Positive Rating (of course I’d suggest Excellent!) so I receive credit for my work.

Of course, please feel free to ask any follow up questions in this thread.

Expert:  Dwayne B. replied 1 year ago.

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