Timeshare is actually misnamed as ‘Multiproperty’. Timeshare means, a property that has been purchased by several buyers, who can all occupy the property at different times over the course of a year.
The Law 42/98 was enhanced in Spain on the 15th of December, regarding the Rights of Timeshare Real Estate and Tourist Use and Tax Regulations.
This Law has remarkable features such as;
– Applying contracts signed from January 7 99 until March 16 2012.
– A cancellation period for Spanish contracts.
– It applies to all Spanish land, including the Canaries and the Balearic Islands.
– The purchase of points is not included in the law, if purchased from a Points Club.
– Applies the right of use for 3 years or more, up to a maximum of 50 years.
– Any advanced payments from the consumer is prohibited in the first 10 days.
– No penalty is applied to the consumer if they cancel within the cooling off period.
– The mention of ‘ownership’ and ‘property’ can be used in your contract.
– Your purchase contract must be made in your language and a language that is used by the European Union language.
– Buyers must be given all the information, in a way they will understand.