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Timeshare

All Member States must give buyers of timeshare the protection and rights set out below:

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A right to a 10-day cooling off period counted from the day buyers sign the timeshare contract. During the cooling off period, buyers have the right to cancel the contract without giving any reason and at no cost, apart from the legal costs incurred in making the contract. For example having the signatures witnessed by a lawyer, which is required by law in some countries, if these costs are mentioned in the contract.

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Sellers are strictly prohibited from seeking or accepting any money from buyers during the cooling off period, for themselves or anyone else.

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Sellers have to provide purchasers with a brochure if requested. The brochure must contain the information about the timeshare property (see below). This information must be included in the contract if the property is purchased.

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Sellers must provide consumers with the brochure and contract in their own language, if requested, providing that this is an official language.

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Sellers must provide consumers with a translation of the contract in the language of the country where the timeshare is located, providing that this is an official language.

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Any associated credit agreement is cancelled automatically when buyers cancel the timeshare contract.

All timeshare contracts are different but they should include certain basic minimum information as stipulated in the Directive, for example:

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The names and addresses of the parties to the contract.

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An accurate description and completion date for the property.

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The names and addresses of any persons to whom any withdrawal notices can be sent.

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The price to be paid by the purchaser and other charges relating to the use of common facilities e.g. swimming pool, mandatory statutory charges e.g. taxes and fees and administrative overheads e.g. management maintenance and repairs.

A right to a 10-day cooling off period counted from the day buyers sign the timeshare contract. During the cooling off period, buyers have the right to cancel the contract without giving any reason and at no cost, apart from the legal costs incurred in making the contract. For example having the signatures witnessed by a lawyer, which is required by law in some countries, if these costs are mentioned in the contract.

Sellers are strictly prohibited from seeking or accepting any money from buyers during the cooling off period, for themselves or anyone else.

Sellers have to provide purchasers with a brochure if requested. The brochure must contain the information about the timeshare property (see below). This information must be included in the contract if the property is purchased.

Sellers must provide consumers with the brochure and contract in their own language, if requested, providing that this is an official language.

Sellers must provide consumers with a translation of the contract in the language of the country where the timeshare is located, providing that this is an official language.

Any associated credit agreement is cancelled automatically when buyers cancel the timeshare contract.

The names and addresses of the parties to the contract.

An accurate description and completion date for the property.

The names and addresses of any persons to whom any withdrawal notices can be sent.

The price to be paid by the purchaser and other charges relating to the use of common facilities e.g. swimming pool, mandatory statutory charges e.g. taxes and fees and administrative overheads e.g. management maintenance and repairs.

 
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