TIMESHARE

A timeshare contract, by which the right to use and enjoy accommodation for staying over for a limited period (usually one or two weeks) is acquired is presently governed by the Tourism Code (Articles 69-81 of Legislative Decree 79/2011) which implements Directive 2008/122/EC.

The rules, which apply to contracts of duration of longer than a year, provides numerous guarantees to the purchaser:

• the right to be notified of the commercial intent if it receives an invitation of an offer of sale
• the right that the acquisition of a timeshare be not presented as an investment (it is important to note that one does not acquire the ownership of the immovable property, but only the right to make use of it!)
• the right to receive an information sheet containing all the contractual conditions in detailed form
• the right to receive the contract in one’s own language or in an official language of the European Union
• the right to receive, on pain of invalidity, of the contract in written form
• the right to resile from the contract within 14 days of signature
• the right to ensure the automatic termination of any ancillary contracts (loan or financing) in the event of withdrawal
• the right to have recourse to non-judicial dispute resolution

When a timeshare contract is drafted, it is important to note that, apart from the purchase price, other considerations should be taken into account that may turn out to be crucial: annual administration fees, cost of travel to the place of accommodation, legal costs in the event of disputes, risks of insolvency of the management company.