In Europe, the term “timeshare” is a general term for timeshares and long-term holiday products. Timeshare usually refers to a one-week or two-week part-time right to use a particular property, secondary residence at a holiday destination, or a boat, for instance. A timeshare agreement is an agreement concerning these, valid for more than a year.
A timeshare may also be a membership in a club, or it may entitle you to points with which you can obtain the same type of accommodation at another holiday destination. Increasingly often, the object of a timeshare deal is a discount voucher for a cruise, for example, or a DVD that presents a holiday product.
Finnish consumers mainly encounter timeshare sellers at tourist destinations in Spain, especially at the Canary Islands, and in Portugal, Madeira and Greece. The seller is usually a Finnish person who offers a lottery win or a gift followed by a sales event for a holiday product.
Timeshare legislation aims at creating a Europe-wide set of rules for agreements on timeshares, long-term holiday products, their resale and exchange. The regulation guarantees a minimum level of protection throughout Europe. As a result, the buyer has, for example, the right of withdrawal, and the seller is not allowed to claim a prepayment.
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Trade in holiday shares and other long-term holiday products is regulated by EU directive 2008/122/EC.
Timesharebusinesscheck.org – Information for timeshare owners
Timeshare Consumer Association – Information about timeshare products