Time Sharing Contracts Students: Gabriela Rošková Marína Gandelová.
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Transcript of Time Sharing Contracts Students: Gabriela Rošková Marína Gandelová.
Time Sharing Contracts
Students: Gabriela Rošková Marína Gandelová
Content of the presentation
• Definition of TSC• History – beginning of the use of TSC• Practical Use• Legislative framework• Pros and Cons
Definition• Consumer contract• TSC = A form of shared property ownership,
commonly in vacation or recreation condominium property, in which rights vest in several owners to use property for a specified period each year.
• Exclusive right to use a property for a specific time
• attractive service - cheap, usually higher standard than hotels/appartments
• effective way of using an estate
History and practical use
• 1st appeared in the UK in 1960s• Used for enjoying vacation destinations• Holiday home sharing• Cottages, condominium units• Possibility to rent to a third person• the costs of timeshare can be different depending
on the chosen period
Legislative framework• European Directive 94/47/EC of the European
Parliament and Council on the protection of purchasers in respect of certain aspects of contracts relating to the immovable properties on a timeshare basis
• Later - review adopted on 14 January 2009 of the European Directive 2008/122/EC
• as a guarantee of consumers´ protection, EU regulated main principles that have to be obeyed when entering into contract
• 2 forms: 1. fixed period of time – purchaser buys the
right to use a property for the fixed and precisely determined periond of time of the year
2. flexible period of time: purchaser buys e.g. 1 week but each year has to reserve the pricise date in advance
• The contract must be in writing otherwise it´s void. Furthemore it must be written in a language that the consumer understands.
• A right to rescind the contract is regulated differently in all countries ( e.g. Slovakia – within 14 days since the contract was signed)
Pros and cons of TSC
• PROS
• Good investment
• Additional services ( fitness,
bars, restuarants, pools)
• Higher security- often monitored
• Maintenance services provided
• CONS
• Floating price
• Less privacy
• Only available for fixed period
of time
Thank you for your
attention.Grazie !