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Your daily Spanish Law reporter. Have it with a cafe con leche.

Legal tip 586. Timeshare rights in Spain: a safe option. Part 3
13 September 2011 @ 12:22

Contract minimum content I 

Article 9. Minimum content of the contract.

The contract signed by any person or entity in connection with his professional activity relating to  timeshare rights shall be in writing and will express at least the following:

Date of the contract,  data of the Notary deeds by which the timeshare regime was established, indicating the day of the grant,  name of the authorizing  notary, Notary protocol number  and  Land Registry registration date.

Explicit reference to real or personal nature of the timeshare regime, stating the date on which the scheme will expire in accordance with the provisions of this Act

Detailed description of the building, its location, reference to units with timeshare rights, with specific reference to their registration data and the corresponding turn for the use of the unit, indicating days and hours.

4. Building status of the work, containing:

-  If it is completed or under construction, if still being built, expression of the stage will be necessary.

- Maximum deadline for the end of the building.

5. Reference to the building permit and identification and address of the issuing Local Council.

6. Building stage of common elements that allow the use of the property.

7.Address of the purchaser: to the effects of communicating end of work, registration and beginning of the regime.

8.Quality specifications

9. Furniture and value for insurance purposes

10. Explicit reference to the Insurance or guarantee which can be used if the building is not finished on time or specified furniture is not placed.

11. Price of acquisition and annual fee, stating that it will  be updated according to the consumer price index published by the National Institute of Statistics, unless the parties have established another way to update, which may not be at the discretion of one, indicating a general guide, which has been the  average  of the index over the past five years. There will also be an expression of the amount of taxes in accordance with the provisions of this Act as well as a rough indication of notary and registration fees in the event that a Notary deed is granted and it is registered at the Land Registry

12. Literal insert of texts of Articles 10, 11 and 12, indicating its character of legal rules governing the contract.

13. Common services and facilities included conditions for their enjoyment.

14. Whether or not there are rights to participate in sharing services.  When this possibility exists, stating the possible costs and reference to exchange documents provided for in Article 8.2.k) of this Act

15. Expression of the corporate name, registry data and address of:

a. The owner or developer.

b. The transferor, with precise legal relationship with the owner or developer at the time of the contract.

c. The acquirer.

d. The company for services.

e. The third party who had taken over the exchange, if any. This third party, if a legal person, must be trading with a registered branch in Spain.

16. Duration of timeshare regime, with reference to the Notary deed and the date of registration thereof. 
If the building is under construction, with reference to the building deadline for completion of the work.

17. Expression to the right of the purchaser to:

Check the ownership and encumbrances of the property, requesting information from the competent Registrar, whose address and fax number will be expressly stated.

Request the granting of public Notary deed.

c. Request the corresponding registration in the Land Registry.

18. Place and date of contract

19. If there are rights of transfer to third parties. When there is this possibility, approximated eventual costs will be expressed.

For Parts I and II of this serie, please click on here







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