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Does Spanish law safeguard the interests of owners who buy timeshare through the Escritura system? |
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YES: At the end of 1998 the Spanish legal system recognised the European Timeshare Directive through the introduction of their own law (number 42):
- In article 10 of the law it indicates that the purchaser is entitled to a 10 day cooling off period during which time he/she can pull out of the sale without penalty.
- In Article 11 it indicates that "the payment of any type of advance by the purchaser to the vendor before the expiry of the withdrawal period is prohibited".
- NB: this does not stop the vendor and the purchaser from setting up the necessary finance documents during this period.
- The typical additional charge for a timeshare sold through the escritura system is 7% for timeshare sold through a professional marketing company and 4% for timeshare sold privately. These charges cover taxes as stipulated by the Spanish legal system.
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