1. Time Sharing Contracts Students: Gabriela Rošková Marína Gandelová

2. Content of the presentation Definition of TSC History – beginning of the use of TSC Practical Use Legislative framework Pros and Cons

3. Definition Consumer contract TSC = A form of shared property ownership, commonly in vacation or recreation condominium property, in which rights vest in several owners to use property for a specified period each year. Exclusive right to use a property for a specific time attractive service - cheap, usually higher standard than hotels/appartments effective way of using an estate

4. History and practical use 1st appeared in the UK in 1960s Used for enjoying vacation destinations Holiday home sharing Cottages, condominium units Possibility to rent to a third person the costs of timeshare can be different depending on the chosen period

5. Legislative framework E uropean Directive 94/47/EC of the European Parliament and Council on the protection of purchasers in respect of certain aspects of contracts relating to the immovable properties on a timeshare basis Later - review adopted on 14 January 2009 of the European Directive 2008/122/EC as a guarantee of consumers´ protection, EU regulated main principles that have to be obeyed when entering into contract

6. 2 forms: 1.fixed period of time – purchaser buys the right to use a property for the fixed and precisely determined periond of time of the year 2. flexible period of time: purchaser buys e.g. 1 week but each year has to reserve the pricise date in advance The contract must be in writing otherwise it´s void. Furthemore it must be written in a language that the consumer understands. A right to rescind the contract is regulated differently in all countries ( e.g. Slovakia – within 14 days since the contract was signed)

7. Pros and cons of TSC PROS Good investment Additional services ( fitness, bars, restuarants, pools) Higher security- often monitored Maintenance services provided CONS Floating price Less privacy Only available for fixed period of time

8. Thank you for your attention. Grazie !