Timeshare

What does “timeshare” mean?

According to the Eu Regulation EC 1994/47, a timeshare contract means “any contract or group of contracts concluded for at least three years under which, directly or indirectly, on payment of a certain global price, a real property right or any other right relating to the use of one or more immovable properties for a specified or specifiable period of the year, which may not be less than one week, is established or is the subject of a transfer or an undertaking to transfer”

May I gain a beautiful house in a beautiful place at a very competitive price?

Please pay attention to this type of misunderstand, because you do not possess the house at all, but you only possess the right to live in such house for a limited period. Therefore, before signing a timeshare contract you should check very carefully the existence of some specific details which might not be included in the price you have been told be paid to exercise the contractual right.

What other expenses may I have to pay attention to?

Among other things, you should check:

-   the administrative overheads (for example, management, maintenance and repairs);

-   the price of the flight you must take to reach the house;

-   any costs involved in a scheme for the exchange or resale of the contractual rights, if pertinent;

-   legal costs in case of dispute;

-   the difficulties you might face while resealing your contract right to third persons

-   the risk of bankruptcy of the timeshare society.

According to the law in force, what are my rights?

First of all, consumers have the right to be well informed. The seller is obliged to provide their clients with an information document, which must specify:

-   The exact nature of the right which is the subject of the contract and a clause setting out the conditions governing the exercise of that right;

-   The identities and domiciles of the vendor, including specific information on the vendor's legal status at the time of the conclusion of the contract, as well as the identity and domicile of the owner;

-   When the property has been determined, an accurate description of that property, its location and the price to be paid by the purchaser to exercise the contractual right (Vat included)

Furthermore, the contract must indicate the exact period within which the right which is the subject of the contract may be exercised and, if necessary, its duration. Generally, the purchaser has the right to withdraw from the contract within 10 working days, without giving any reason. However, if the contract does not include all the information required by the law, the consumer can exercise his right of withdrawal within 3 months after the subscription.

In case of dispute, the judge with jurisdiction is the judge of consumer’s place of residence. In case that foreign law provisions are to be applied, nevertheless consumers can benefits from the tutelage provided by the Consumer Code, when the real property is located within the EU.   

In case the contract is written in a foreign language, may I ask for its translation?

Of course you can! Consumers are entitled to get their contract written in the consumer’s native language, in the language of the State where consumers live in or also in the language of the State where the property is placed.

If I make up my mind.. can I exercise the right of withdrawal?

Of course you can! In case the seller provided all the information required by law, consumers can withdraw from the contract within 10 working days by sending the seller a letter with recorded delivery against acknowledgement of receipt. Otherwise, if the seller did not comply with his information obligation, the time limit for withdrawing is extended to 3 months.  

If I want to withdraw from the contract signed but I have already asked for a loan.. can I stop paying it?

No! Any additional contract (such as financial contracts) related to the main one (the timeshare contract) terminates automatically when the right of withdrawal is exercised, in order to let consumers freely make them choices.  

Is the vendor enabled to demand me an advance payment in order to purchase a real property right?

In order to let consumers easily exercise their right of withdrawal, it its strictly forbidden any advance payments by a purchaser before the end of the period during which he may exercise the right of withdrawal.

In case I decide to withdraw for the timeshare contract, may I have to pay the vendor as well?

Yes and No! According to the law in force (Consumer Code, art. 73), consumers have the right to withdraw without penalties. However, they might be asked to refund the vendor of the expenses related to the subscription of the contract, only if properly supported by receipts.