Timeshare

Under vacation ownership (also: timeshare, timeshare, timeshare, timeshare ownership, residential use rights ) are offered by the hotel and tourism sectors combined, through which a consumer to pay a total price acquires the right, for a period of more than one year for a property for a specified period to take advantage of the year.

Worldwide, there are about six million timeshare owners. It is one of the fastest growing segments in tourism. Renowned suppliers are Marriott International, Hyatt, Disney, Hilton and Four Seasons. In the U.S., this idea was so far the most followers.

Concept

In the traditional timeshare, the customer acquires the right to inhabit a holiday apartment each year in a given period. In addition, are paid or unpaid services as part of a hotel-like service. Rights enshrined in the rule of the resort or a trustee in the Land Registry and can be inherited, sold, rented or given away. It is common that the consumer pays, as a share an annual service fee. Almost all timeshare vacation exchange systems are connected to organizations that provide customers around the world stays in other connected systems and beyond services of a tour operator as offer booking of flights and car rentals. The most important international exchange organizations are Interval International (1900 installations in 75 countries, 1.2 million members) and RCI ( 3,700 properties in more than 100 countries, 2.8 million members).

Variants of leave entitlement

• Fixed Weeks: the same calendar week every year in the same resort in the same apartment or studio type.
• Floating Week: Any calendar week within a season
• Rotation: All owners should get a chance for the most popular weeks. Therefore, these weeks will be awarded to the owner on a rotational basis.
• Shares or Club System: It will take concrete Vacation Ownership shares or Club shares acquired, the dividend will be paid in the form of vacation points. With these points then vacation weeks and other services can be availed.

Variants of the legal protection

• Such collateral security through real fraction of Property: The property is divided in the property. The buyer of the timeshare will be the owner of the corresponding component of the relevant apartment and entered as such in the land register.
• Club Legal Protection: It was founded as a registered association, a holiday club. This association is usually the owner of the property or has a book safeguarded by the Basic usufruct. Through membership in this club, the purchaser is an essential right allows the use of a timeshare.
• Legal liability protection through the use of contract: The buyer of the timeshare includes the owner or beneficial owners of the resort a contract for the use of an apartment.

Legal foundations

On 1 January 2002, the hitherto existing in Germany part-time housing rights law ( TzWrG ) was in the Civil Code - § § 481-487 BGB - on. Have comparable legal standards that have been adopted in implementation of Directive 1994/47/EG all of 26 October 1994 (OJ L 280, p 82) In the other countries of the EU. The most important legal principles are briefly outlined below.

A company that offers part-time residency rights treaties has any consumer who expressed interest, to hand over a brochure ( § 482 BGB). This must include, among other things:

• A general description of the building or of the stock of residential buildings
• The name and address of the contractor the right of use, the name and address of the owner of the dwelling or residential building - in companies and other legal persons name, registered office and name of the legal representative and the legal position of the entrepreneur in terms of the one or more residential buildings
• The exact description of the use rights, together with reference to the fulfilled or still to be fulfilled conditions provided for by the law of the State in which the dwelling is located, must be given for the right of use

The part-time housing rights agreement requires the written form, not included in other provisions stricter form is required ( § 484 BGB). A conclusion of the contract in electronic form shall be excluded. The contract must include the following information:

• The name and address of the consumer
• The exact designation of the period of the year within which the exploitation right may be exercised in each case, the validity of the right of use by year and the other required for the exercise of the right to use details
• The statement that the acquisition and exercise of the right of use with other than those specified in the contract costs, charges or obligations connected
• Date and place of signing of the contract by each Party

A consumer has a right of revocation ( § 485 BGB) in a part-time housing rights Treaty. The required notice of the right of withdrawal shall contain the name and address included person that is to which the revocation is to explain an indication of the beginning of the period and the fact that the revocation has no justification, must be declared in writing within two weeks with the entrepreneur and that the deadline, timely dispatch is sufficient. This period may vary depending on the EU country. So writes the Spanish right to a mere 10 - day cooling-off period will be granted during the consumer under Belgian law 15 days.

The employer may not require payment of the consumer before the expiration of the revocation period or accept ( § 486 BGB). Payments over a reputable trustee, however, are permitted, provided the consumer is not thereby lose the right to dispose of the amount paid.

The German standards are also applicable if the residential property is located within the European Union and the European Economic Area, but is placed a non-European in this sense design is based (Art. 29a para 3 BGB ). From the statutory provisions for part-time housing rights treaties must not be compromised to the detriment of the consumer ( § 487 BGB).

Criticism

The economic benefits of timeshares is partly questioned. Investing in the right of residence and unpredictable, future operating and maintenance costs to the apartment complex can lead to successively booked vacation packages are cheaper. Furthermore, the advertised by providers sharing networks are exposed for acquired rights of residence of criticism. This criticism mainly concerns the availability of suitable holiday accommodation in peak season. Another point of criticism is the resale of timeshare because it is indeed theoretically provided in most cases, however, proves to be difficult or impossible in practice.

Dubious firms try the statutory provisions by legal loopholes to get around. In addition, there is criticism that is exerted during sales events partly considerable psychological pressure on the potential buyer and that some providers of mis- handle methods use to lure customers into their sales premises. Known methods to involve to potential customers in a sales pitch, are vouchers, movie or amusement park tickets and affordable accommodation in one of the resorts.