European Timeshare Directive Protects Owners and Resale May 24, 2008
Posted by Bryan Connelly in : ARDA, Customer Comments, General, Marriott Timeshares, New Features, News & Events, RCI, Timeshare Rental, Timeshare Resale, Timeshare Resource, Travel, Uncategorized, Westgate Timeshares, Wyndham Timeshares , trackbackThe European Commission has been responsible for keeping order throughout the vast collection of countries that comprise the European Union (EU) since 2001. On the afternoon of June 7th, 2007 they discussed and adopted the most recent proposal for a timeshare directive. Currently the intent of the Commission is to revamp the outdated directive and to enhance consumer protection. The new regulations will extend current rules to include newer products which have emerged outside of the realm of established legislation.
For almost ten years BuyATimeshare.com has been offering timeshares in sought-after European destinations, for sale by owner, and priced to sell. With such a large repertoire of vacation properties throughout France, Italy, Spain, Portugal and the United Kingdom, this new timeshare directive will enforce ethical business practices, protecting owners, buyers, as well as resort developers.
Different countries carry with them different interpretations of law, the new regulations will ensure that consumers are equally well protected across the EU and will create a level playing field for timeshare and other holiday-related products. The current, 1994 European Timeshare Directive was adopted across all member states. This decree granted consumers the right to receive the correct information before the signing of a contract, and there must be a “cooling-off†period of at least 10 days during which they can back out from the contract without a reason. The Directive also stipulates a ban on advance payments throughout the “cooling-off†period.
Timeshare-like products have developed since the establishment of the 1994 timeshare directive. Products like timeshare resale and exchange companies have evolved outside of the directive, as well as timeshare canal boats, cruise-ships and caravans, contracts for less than 3years. Some of these new products that are related to timeshare have led to unscrupulous resale tactics. Some unethical businesses have taken advantage of their spot outside of European laws, causing a myriad of problems amongst consumers and to honest traders.
Recognizing the problems that 1.5milion European families were facing, the proposal aims to close these regulatory gaps, by replacing the timeshare directive with a set of simplified rules which are clear and modern. Timeshare—since the 1970s has won millions of takers worldwide, who see the benefits to this cost effective alternative to renting hotels or a second residence. Data from the Organization for Timeshare in Europe (OTE)—illustrates that 1.4million holiday centers in 25 European countries, 1.4million families using timeshare and 200,000 Europeans employed, totaling a market of 2.3billion Euros per year.
This thriving industry is protecting the honest businesses like BuyATimeshare.com, who have been providing the utmost in professional services for 10years. Other companies in the timeshare resale industry have been swindling people across the globe. The European Commission is taking action with a new proposal that aims to enhance consumers’ confidence and legal clarity, and EU-wide regulations which are essential to the growth of this thriving marketplace.
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