Time Sharing Contracts Students Gabriela Rokov Marna Gandelov

Time Sharing Contracts Students: Gabriela Rošková Marína Gandelová

Content of the presentation • • • Definition of TSC History – beginning of the use of TSC Practical Use Legislative framework Pros and Cons

Definition • Consumer contract • TSC = A form of shared property ownership, commonly in vacation or recreation condominium property, in which rights vest in several owners to use property for a specified period each year. • Exclusive right to use a property for a specific time • attractive service - cheap, usually higher standard than hotels/appartments • effective way of using an estate

History and practical use • • • 1 st appeared in the UK in 1960 s Used for enjoying vacation destinations Holiday home sharing Cottages, condominium units Possibility to rent to a third person the costs of timeshare can be different depending on the chosen period

Legislative framework • European Directive 94/47/EC of the European Parliament and Council on the protection of purchasers in respect of certain aspects of contracts relating to the immovable properties on a timeshare basis • Later - review adopted on 14 January 2009 of the European Directive 2008/122/EC • as a guarantee of consumers´ protection, EU regulated main principles that have to be obeyed when entering into contract

• 2 forms: 1. fixed period of time – purchaser buys the right to use a property for the fixed and precisely determined periond of time of the year 2. flexible period of time: purchaser buys e. g. 1 week but each year has to reserve the pricise date in advance • The contract must be in writing otherwise it´s void. Furthemore it must be written in a language that the consumer understands. • A right to rescind the contract is regulated differently in all countries ( e. g. Slovakia – within 14 days since the contract was signed)

Pros and cons of TSC • PROS • Good investment • Additional services ( fitness, bars, • CONS • Floating price • Less privacy • Only available for fixed period of restuarants, pools) • • Higher security- often monitored Maintenance services provided time

Thank you for your attention. Grazie !