Rules for timeshare and long-term vacation product contracts

Automatic summary, not yet reviewed

1. The law covers four types of contracts between businesses and consumers: timeshare (using accommodation for more than one year), long-term vacation products (discounts on accommodation), resale and exchange.
2. Before signing, the trader must give the consumer complete, free information using standard forms, on paper or another durable medium, in the consumer's language (plus Spanish if the contract is signed in Spain).
3. Consumers can withdraw from the contract without giving reasons within 14 calendar days, and during that period advance payments and guarantees are banned. If a consumer pays against that ban, they can claim double the amount paid.
4. If the consumer withdraws, accessory contracts and linked loans become void at no cost. For long-term vacation products, the price is paid in equal annual installments and the consumer can end the contract from the second installment.
5. Consumers cannot waive the rights this law gives them: any waiver is void. Companies that break the rules face penalties under consumer law.
6. The timeshare right over real estate must be created in a public deed, registered in the Property Registry, lasts at most 50 years, and cannot be called multipropiedad or use the word propiedad (ownership).

Who it affects

• Consumers who buy or sell timeshare rights, long-term vacation products, resale or exchange services.: They get mandatory information, a 14-day withdrawal right and a ban on advance payments.
• Businesses that market these products.: They must use standard forms, respect the withdrawal right and can be fined if they fail to comply.
• Owners and developers of tourist properties.: They must create the regime by public deed, take out insurance and guarantees, and register it.
• Holders of timeshare rights.: They can freely sell their right and belong to a community of holders.

Words worth knowing

Desistimiento (withdrawal right)

The right to cancel the contract without giving any reason within the legal deadline.

Soporte duradero (durable medium)

Any means that lets you store and later consult information unchanged, such as email or paper.

Aprovechamiento por turno (timeshare)

The right to use tourist accommodation during the same period each year for more than one year.

Contrato accesorio (accessory contract)

A contract for services linked to the main one, such as insurance or an exchange contract.

Nulo de pleno derecho (automatically void)

It has no legal effect from the start, as if it never existed.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries