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El blog de Maria

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

Legal tip 597. Timeshare rights in Spain: a safe option. Part 6
20 September 2011 @ 09:08

 Article 11. Prohibition of advances.


1.  It is prohibited the payment of any advanced amount by the purchaser to the transmitter before the deadline for exercising the right of dismissal or  the rights to cancellation referred to in the preceding article. 
However, the parties may establish the covenants and conditions they deem as appropriate to ensure the payment of deferred price, provided they are not contrary to this prohibition and do not imply that the transferor receives, directly or indirectly, any compensation in cases of exercise of the dismissal/cancellation rights.

2. If the acquirer would have anticipated some amount to the transferor, shall be entitled to demand repayment of double amount at any time, and may choose to cancel the contract within three months following its conclusion or require full compliance.

Article 12. Loan scheme to purchase.

Loans granted to the purchaser by the transferor or a third party who has acted in accordance with it will be cancelled when the first dismiss or cancel in any of the cases provided for in Article 10.

No penalties will be included in this loan contracts for the purchaser in the case of dismissal or cancellation.

If the purchaser had taken over a loan already existing to the transmitter, once exercised the dismissal or cancellation, the loan will continue for the original debtor (transmitter).

Ronda

"Ronda", Ronda, Málaga, Spain, by NatalieMaynor, at flickr.com



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