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Different Legal Arrangements.
Even though Timeshare procedures may be similar, the legal systems
are always quite different depending on the country you are taking
into consideration.
Different legal
arrangements apply following the location of the holyday residence.In
most cases, the following principles apply:
In France, the project is organized under the form of a company
(SCIA) with attribution of a certain package of shares and a right
of usage based on the volume of his package.
Other countries, The projects are often organized under British
law, with an act registered with a “ Trustee ”, organisation
which can be compared to an independent registering Chamber.Moreover,
whether the purchase be a share in a jointly held property, or a
right of membership of a club, the buyer owns only a right of usage
of one or several weeks, according to the amount of its investment.
(low, medium or high season).
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In no case he will
be the owner of a property, but only a user of it ; contracts
tend not to always clearly indicate this.
Less frequently, one may find on the market different products,
thanks to the imagination of some professionals. These are
called "Packs" and aim sometimes at “getting
around” the law, which becomes more and more restricting.
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- Although the principle of utilization is quite easily comprehended,
it becomes in fact rather complex as soon as legal and technical aspects
are being tackled.
The wise and prudent buyer should avoid getting involved in business
that he knows little about, because wrong guidance may be a source
of serious consequences .
As always, a principle of precaution should apply, i.e. that the potential
buyer consults , as a preventive measure, real timeshare professionals
in order to avoid the traps, practically innate to any profit making
industry. |
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What
should you do if you intend to sign a contract in a country where
consumer protection laws still do not exist ?
If the right of usage purchased is located
on the territory of a member of the European Union, and if
the European directive has not been applied yet in this country, a
French or European buyer is entitled to demand the application of
the French law. |
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In this case, the buyer will benefit of a 7 day lapse before
having
to confirm his intention to buy (request the special form
that the
seller is obliged to provide).
As soon as the seller receives this signed form, he will have to wait
another 10 days before the sale is considered definitely closed.
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Some
basics to keep in mind :
Some basics to keep in
mind : Until the expiration of these legal lapses of time, the Professional
will not be entitled to receive any financial deposit, under any form,
demanding money before would be grounds to legally cancel the contract.
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Demand the application of French law.
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Do not sign anything on site if this mention is not clearly included
in the contract.
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Do not pay any deposit the day you sign the reservation contract. |
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