Directive 94/47/EC of the European Parliament and of the Council of 26 October 1994 on the protection of purchasers in respect of certain aspects of contracts relating to the acquisition of immovable properties on a timeshare .
The review of existing EU legislation in 1994 is now being updated to reflect the significant developments in the industry. The new rules will cover new products such as holiday clubs (holiday clubs) at promotional prices and holiday timeshare on property (boats or caravans) .
With the development of the tourism industry, a proliferation of proposals for contracts for the purchase of the right to use immovable properties on a timeshare basis: for example, the right to use for ten days time an apartment located in a seaside or mountain resort. To protect you from bad surprises can be hidden in such contracts; the relevant legislation provides certain rights when it comes to contracts concluded with capacity of at least three years and for periods one week per year.
Each timeshare contract to be valid, must be reported in a building which is licensed pursuant to the provisions of the Hotel and Tourist Establishments Act.
The seller must hand over the form with all the statutory information , the description of the property as well as instructions on how consumers can get additional information , whatever the country of the Union where the relevant property .
The seller must deliver to the consumer form of cancellation of the contract with all the elements to send and schedule cancellation.
Should be given time study agreement terms at a time when the consumer chooses.
Prohibited sellers to accept or require deposits on their behalf or for third parties before the expiry of 15 days, during which the consumer has a right to cancel the contract.
Is the right to cancel the contract, without any excuse, sending an application form for cancellation to Seller within 15 days from signing of signature or other binding document.
You may cancel the contract up to three months from signing or signing a binding document, if it does not contain all the information specified by the Act .
The contract shall be accompanied by a form of cancellation.
The contract and all other information material should be written in the Greek language .
The timeshare on Contracts Laws of 2001 – 2007
1. What is a timeshare contract?
Timeshare is a contract by which we acquire the right to use specific property , which is licensed in accordance with the provisions of the Hotel and Tourist Establishments Act (for example , the right to use for one week per year of an apartment located in a seaside or mountain resort )
2. In what language should the contract
The contract and all other information material should be in the Greek.
3. What should be careful before signing?
Ascertain before sign, if the property is under contract there, how well and for living conditions, facilities , cleanliness and service.
4. What are the obligations of the seller?
The seller is obliged to deliver us a document which, in addition to a general description of the property should contain brief and accurate information on specific topics , such as the identity and residence of the parties, the shared services and facilities, the price etc and guidance on how we can get additional information. All these information are an integral part of the contract unless they are notified otherwise.
Prohibited or require sellers to accept payments on their behalf or for third parties before the expiry of the 15 days we have right to cancel the contract.
Many times sellers exert pressure in order to push us to sign a contract, without having the necessary time to study it . We refuse signing the contract under stressful conditions.
5. What is the procedure to cancel a timeshare contract?
Before you sign a timeshare contract, we examine carefully the terms of the contract, the obligations we undertake , and how payment of the price. For example, the contract may not provide us with the right to cancel and not have the ability to demand the return of money that might have paid as a deposit. In addition, the contract must be accompanied by a form of cancellation and termination.
We may cancel the contract without any reason by sending an application form for cancellation to the seller within 15 days from signing or signing a binding preliminary.
We may terminate the contract for up to 3 months from the date of signing or signing a binding preliminary contract if it does not contain all information specified by law by sending the relevant complaint form to the seller
6. How important is the annulment of an agreement on time
Timely and accurate cancellation or termination relieves us from any financial or other obligation to the seller.
7. How can we cancel credit agreement covering the timeshare contract we have signed?
Upon cancellation or termination timeshare contract covered partially or entirely of credit agreement is canceled automatically and the credit agreement