Time-share scheme Act |
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Some features of the Time-share scheme Act: Only real estate that can be classified as a dwelling and not a premises can be considered for the time share scheme. Therefore only property that has been certified as fit for habitation can be considered for the scheme. The “time-share” scheme needs to apply to a whole building, and not to separate elements of the building. The partial cancellation of the scheme is allowed if the physical identity of the building and the pre-existing rights are respected. A combined operation with another scheme is allowed only if that other scheme is tourism based as it shares common features and therefore won’t negatively affect the clients and other rights holders. The duration of the scheme is a minimum of 3 years and a maximum of 50. Ownership does not belong to the time-sharer but to the person who sets up a scheme involving his own property. The time sharer has property rights over the dwelling but not ownership. The owner must guarantee that the holder of the property rights will receive every service included in that title. The rights over the property that he is transferring are not of absolute property owner but of a limited character (time limitations). It is a constitutional requirement that the owner sets up this scheme in a public deed. It also needs to be registered in the Land Registry before the transmission of time-sharing rights, so that both the Notary and Registrar can check the legalities before making it public. Therefore the purchasers, before and after the transmission, can go to the Land Registry to get essential information about the specific scheme concerning his/her purchase, with a full guarantee of legality. The manager of the scheme (if there is a company different from the developer or the owner) needs to be present at the signature of the deed. If the developer is assuming this task, it needs to be expressly stated before the Notary. The scheme can be cancelled by the owner if the time-sharer doesn’t pay the instalments for at least one year. |
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