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01/02/2007

Registering a timeshare

Certain timeshare resale firms try to convince consumers/timeshare owners to register their timeshare. They pretend that they have an interested buyer, who is only interested in buying their timeshare if it is registered. The resale firm offers to take care of the registration and will request an amount of approx. € 3,000, for registration only. After the timeshare is registered, it turns out that there is no buyer.

What about timeshare registration?

A reminder: a timeshare is a contract that is directly or indirectly linked to the purchase of the rights of use to one or more real estate properties on a timeshare basis.

You do not have the right to ownership but the right to use real estate. The Spanish Act on Timeshares (article 14), which transposes EU Directive 94/47/EG into legislation, provides for the opportunity to register the timeshare rights in the same way as property rights. This registration is not obligatory.

The only valid registration in Spain for timeshares is in the ‘Registro de la Propriedad’. The owner needs to prove his property rights and it goes without saying that the contract needs to comply with the provisions of the Act on Timeshares.
First the timeshare needs to be converted in an ‘escritura’ or public act by the Notary public. It is this document that needs to be shown upon registration.
The costs for registration have not been set; they usually depend on the value of the sales transaction.

Estimated notary fees   

  • For a purchase amount of €170,811: €342.
  • For a purchase amount of €597,839: €538.

Estimated registration costs

  • For a purchase amount under €6,010: €24.
  • For a purchase amount starting from €6,010: €104.

What are the benefits of registration?

It gives timeshare owners the benefit that their rights are valid with regard to third parties. For example this means that if the owner of the complex wishes to sell the complex, the new owner will need to respect the timeshare rights of all registered timeshare owners. Registered timeshares are also protected from legal proceedings against the owner of the complex. If different persons claim their rights with regard to one and the same timeshare, then the registration will determine the rightful owner.

For more information:

ECC Belgium: 02 542 33 46
ECC Spain: http://cec.consumo-inc.es/ 
To find a notary in Spain: www.notariado.org
For more information about the registration: www.registradores.org 
Office in Belgium: 02 280 14 45 cormpe@corpme-bru.com