Out of the thousands of timeshare contracts across the globe, there’s an increasing number of people who are digging out their documents to have another look at the smaller details that might have been overlooked the first time around…
While timeshare purchases are bound by a legal contract, cancelling your ownership may be simpler than you think. Evaluating the Spanish timeshare laws shows that there is a variety of reasons as to why exiting your ownership could be a simple, straightforward process.
The thing is, many of these timeshare contracts have been illegally sold after this timeshare law was put into place. This means that if you bought your timeshare or upgraded your ownership after January 1999, it’s highly probable that you have been mis-sold to or misrepresented.
The most popular type of contracts which can be deemed as illegal is perpetuity contracts. A perpetuity contract has an indefinite period of duration; essentially, they last forever. Some contracts are not in perpetuity but are over a period of 50 years, which are also illegal as a timeshare cannot have this length of contract. Both of these terms in any contract have been ruled out by the Spanish Supreme Courts, stating that all future contracts and upgrades which were signed after the effective date, 5th of January 1999, had to be defined between 2 years and less than 50 years. If the contract fails to have a confirmed expiry date and remains in perpetuity, then it is subject to this Supreme Court ruling and can be deemed unlawful.
Another type of contract that is commonly addressed by timeshare exit firms is the floating weeks system. With this type of ownership, you will have the opportunity to utilise any ‘spare’ week ‘every year, assuming that there is a week available after every other owner has booked theirs. The problem with floating weeks is that the certainty of receiving value for money is inconsistent, leaving it unclear that the owner will have the chance to use the holiday that they have paid and signed for.
As well as this, a legislation set in the late 1990’s supports the deposit refunds of your timeshare contract. When you sign for your holiday ownership, you are entitled to a 14-day ‘cooling off’ period. If any money is exchanged within this two-week timeframe, the resort is ordered to refund those fees. Or if any payment has been made within the first 3 months, then this is also an area deemed as forbidden under Spanish Timeshare Acts.
If you feel that this applies to you, or you think that your timeshare ownership may collide with these regulations, contact us now. We can assess your contract, highlight the elements which may make you eligible for a claim, and guide you through the claims process.