1. A quest for 'transparency' in the Spanish timeshare market. What will EU Directive 94/47 bring?
- Author
-
Downes, N.
- Subjects
Timesharing (Real estate) -- Laws, regulations and rules ,Real estate industry -- Laws, regulations and rules ,Business ,Consumer news and advice ,Social sciences - Abstract
Timeshare should be viewed more as a consumer product than as a real estate transaction. It is not, however, a single product. The many schemes may ultimately be grouped into two categories: proprietary and non-proprietary. In Spain, there are co-ownership formulas with access to the Land Registry and contractual schemes, mostly international, governed by the conflicts rules of the Rome Convention. As yet no final draft has been submitted to implement the new EU Directive 94/47. In the paper, special consideration is given to this Directive developed in the context of Article 100A and aimed at the completion of the internal market. It refers only to certain aspects of the timeshare contract - duties of disclosure and how they are carried out, and the 'cooling-off' period with withdrawal rights - and, even in these cases, only minimum standard rules have been set up, leaving further regulation to individual states. Steps are to be taken by Member States to ensure that the protection afforded by the Directive is not lost by an exotic choice of law. Consumer protection should restore freedom of contract. Additional tourist information and local supervisory activities should increase the 'transparency.'
- Published
- 1995