Legal tip 440. Time share rights in Spain. Part II
Thursday, January 27, 2011 @ 9:13 AM
Provision 1.4 of Law 42/1998 prohibitted the denomionation of those rights as " multiownership" or any other way containing the word " ownership" or "property".
For this reason, any contract signed after this date in Spain contained the word " ownership or property" ( propiedad) is null and void and you have rights to the refund of money paid plus legal interests.
In Spain, the denomination that was finally chosen, as most appropriate, descriptive and loyal to Law is "derecho de aprovechamiento por turno", which means " right to usufruct and enjoyment in shifts"
Publicity or promotion of these type of developments can never either contain the word "propiedad" ( property or ownership)
Part one of this serie here