New rules for vacation timeshare and similar products

Automatic summary, not yet reviewed

1. The rule covers four types of contracts between businesses and consumers: timeshare (use of tourist property), long-term holiday products, resale and exchange. It defines each one and requires the first two to last more than one year.
2. Before signing, the business must give the consumer clear information using standard forms, on paper or another durable medium. Advertising must state where to get this information, and these rights cannot be sold as an investment.
3. Consumers can withdraw from the contract without giving reasons within 14 calendar days, and no advance payments can be demanded during that period. If they pay anyway, they can claim twice the amount delivered.
4. For long-term holiday products, the price is paid in equal annual installments, and from the second installment the consumer can end the contract without penalty. If the consumer withdraws, related accessory contracts and linked loans become void at no cost.
5. The timeshare right over real estate must be created in a public deed and registered, lasts at most 50 years and cannot be called multipropiedad (multi-ownership). Insurance, guarantees and, if the building is under construction, a bank guarantee for advance payments are required.
6. The rule incorporates Directive 2008/122/EC into Spanish law, repeals Law 42/1998 and adds a reduced 4% rate in the transfer tax for these transactions between individuals. It takes effect the day after publication in the official gazette (BOE).

Who it affects

• Consumers who buy or have bought vacation weeks, long-term holiday products or resale and exchange services.: They get more information before signing, 14 days to withdraw without giving reasons, and protection against advance payments.
• Businesses that sell or market these rights and products.: They must use standard forms, respect the ban on advance payments, and face consumer-protection penalties if they fail to comply.
• Owners and developers of tourist buildings under a timeshare scheme.: They must create the scheme by public deed, register it, take out insurance and guarantees, and answer for the services provided.
• Notaries and property registrars.: They cannot authorize or register deeds for the scheme unless the legal requirements are proven.

Words worth knowing

Desistimiento (withdrawal right)

The consumer's right to cancel the contract without giving reasons 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 a tourist accommodation during the same period each year, formerly called multipropiedad.

Contrato accesorio (accessory contract)

A contract for services linked to the main one, such as an exchange contract or a loan, which becomes void if the consumer withdraws from the main contract.

Nulo de pleno derecho (automatically void)

Having no legal value from the start, as if it had never happened.

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