Timeshare is a right of use of the property, usually for holiday accommodation, with a period specified in the contract, and a concrete date. In fact, it is the right of use for long or short time of one or more holiday lodging, which is an excellent alternative for the investment in second accommodation for vacation, offering to the consumers the opportunity to purchase the property for only a percentage of the cost of the entire accommodation.
Over the years and due to the modification of legislation on the protection of consumers at national and European level, Timeshare has become a highly respected industry including hoteliers and tour promoters of highest level.
The new Directive published in 2009 relative on the protection of consumers in respect of certain aspects of timeshare and long- term holiday product, replaced exchange contracts of the old Timeshare Directive with clearer and simpler rules.
Under the new Directive, traders must provide detailed information to consumers in good time before the consumer is bound by any contract, including information regarding the price to be paid, a description of the product and the exact period and length of stay that the consumer is entitled to under the contract. This information should be provided in the consumer’s own language if they so choose.
The Directive also ensures that consumers may withdraw from a contract within a “cooling-off” period of 14 calendar days and that traders can never ask them for any form of advance payments or deposits during that period. Protection by the Directive now also covers some new products on the market and contracts which had been developed so as to avoid the application of the previous Timeshare Directive. For exameple, the new Directive applies also to timeshare contracts lasting less than three years and to products where the consumer is allowed to use, for accommodation purposes, different kinds of movable property. Re-sale contracts and long-term holiday products are now also regulated by the Directive.
Member States are obliged to inform consumers of the national law transposing the Directive and provide for appropriate penalties against traders who fail to comply with these rules. Member State must also encourage the development of suitable and effective out-of-court complaints and redress procedures for the settlement of consumer disputes.
Spain has become one of the best alternatives of tourist from Europe -and increasingly tourists from Russia and EEUU- to enjoy vacations. ¿Reasons? Innumerable treasures, good weather, beaches and Mediterranean food. Moreover, owning Europe timeshare resales is a fabulous way to vacation and benefit from owning vacation property because with timeshares, you only pay for the time you use them. There’s no fretting about closing up your vacation property or what will happen to it while you’re away.
From Navas&Cusí Attorneys, with office in Barcelona, Marbella, Madrid and Brussels, we deepen the study of Timeshare legal framework, updating and focusing our attention in this specific law: from Directive 94/47/EC of the European Parliament and Council, to Directive 2008/122/EC, related with the protection of consumers in certain aspects of timeshare contracts for tourist use, acquisition of long-term holiday products, resale and exchange.