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WG Timesharing





Shared time is a vacation and travel product, while the Spanish law regulates it as it does real state, with a clear registry approach, when the truth is neither the promotors nor the clients feel confortable with this. Clients demand products that are flexible, exchangeable, with a floating character, that vary in duration -often the duration is undefined-, but Spanish law doesn’t allow for such flexibility.

On the contrary, the concept underlying the Spanish regulation is the sale of a real state property that needs to be identified when reserving the registry detals exhaustivily.

Being a touristic product, in which hotel is the room or apartment communicated to the client? The answer is in not hotel, but timesharing is required to comply with this. The communal normative of the Spanish regulation does not establish such restrictions; it was the Spanish legislator who opted for them. The Law 42/1998 first and the Law 4/2012 now require for timesharing a maximum duration of 50 years since its formation, this maximum duration, not required by the communal directive, does not recognize the preferences of the clients, but independently of that, we ask ourselves if the legislator thought what could happen when the complexes have a duration of 40-45 years. Did they think that it could be possible to commercialize then rights with a duration left of 5-10 years?

This work group has been created to propose a possible legislative change. After the work sessions held in which they have aimed to perform an analysis of legislative and non-legislative solutions to the problems raised in the timeshare, the following conclusions have been reached:
        
              Fide Working Group Timeshare Conclusions




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