Legal tip 438. Time share rights in Spain. Part I
Tuesday, January 25, 2011 @ 8:01 AM
Time share rights are those which give to the holder the faculties for usufruct and enjoyment, with exclusive character, for an specific period of time within the year, an independent dwelling. It includes the necessary furniture for this use and the complementary services. It is regulated in Spain by a Law dated 1998.
The Spanish regulation considers time-share as a type of seasonal rental. The holder of time-share rights do not acquire ownership rights but the right to use the property for a specific period of time. The duration of these rights is not indefinite, the developers of these type of complexes needs to specify the period for the enjoyment of these rights which will always need to be between 3-50 years. Ownership remains being the developers´.
Because ownership is of developer´s, this can sell ownership rights always with the limitations derived from the existence of other person´s usufruct and enjoyment rights on the sold piece, which will remain for the contracted period.
To be continued