Timeshare real estate was very popular in the 80s. So you could choose a week or two (or more depending on your budget) in a timeshare tourist residence. Currently, there are a large number of advertisements offering to buy back these weeks for a few hundred euros. These proposals are very tempting at first, but you have to be careful. Here are all the explanations on timeshare vacation homes.
Timeshare refers to holiday residences wrongly named as timeshares. In fact, the timeshare corresponds to the acquisition of a week of vacation (or more) in a specific place which is located in a vacation residence or in a vacation area. It covers a fixed period defined in a contract. Thus, when you buy a week in timeshare in a tourist residence, you can spend holidays there each year on a fixed date or exchange the period with another person who has a week on the same date in another tourist residence via a stock market. national, European or international exchange. This concept, initially very attractive, quickly lost its success, because people who bought the best weeks of the year did not put the dates in these famous exchanges. In fact, timeshare is the acquisition of shares in an SCI or real estate civil society of allocations where the purchaser has a right of enjoyment for a specific period in a property belonging to the SCI.
Timeshare or timeshare real estate is governed by Law No. 86-18 of January 6, 1986. This law specifies that in France, when an individual invests in a timeshare, he is never the owner of the property or a tenant. . This individual only holds shares in an SCI, which owns the property. On this same property, 52 individuals can be associated since there are 52 weeks in the year. These people are jointly and severally liable for the payment of the works and the co-ownership charges. On July 22, 2009, law no. 2009-888 supplemented the 1986 law to indicate that:"A partner may now withdraw totally or partially from the company, after authorization given by a unanimous decision of the partners, or by court order, when the shares have been inherited for less than two years, or when the partner can no longer enjoy his property due to the closure or inaccessibility of the station or property complex concerned".
Please note:this European law does not apply to real estate located abroad. In this case, the individual can enjoy the property and must pay the charges proportional to his investment. If this is the case and to disengage, in this form, it is sufficient to no longer pay the charges, but the initial investment is totally lost.
When an individual has chosen a timeshare in a holiday residence and wants to get rid of it, he encounters many difficulties. Since the time he has been associated with other people in the SCI, it often happens that these people are no longer able to pay the charges. In this case, the sale of the period is almost impossible. Going to court already costs around €2,500 in legal fees, then you have to bring together the 52 partners to get them to vote. Death releases the timeshare, because the heirs have two years to refuse the shares of SCI thanks to an amendment voted in January 2014. In this case, it is the notary in charge of the succession who takes care of it. If there is an amicable liquidation between the individual and the SCI, then he loses his initial stake in any case. You should also know that the lifespan of an SCI can go up to 99 years.
In the past, timeshare was interesting for exchanges that could be practiced all over the world. Today, with the advent of the internet, there are cheap travel deals that include flight and hotel. A week of timeshare costs between 300 and 500 € of annual charges + exchange fees, registration, flight and transfer. The week often costs more.
When you buy a timeshare right of enjoyment of a property, you must sign a contract. Its content is regulated by article L121-63 of the Consumer Code. You must therefore read this contract carefully, which must include:
In addition to the resale of the shares, the unanimous agreement of the partners, the death, or the succession of less than two years, it is possible to leave a contract of enjoyment in timeshare of an SCI. In this case, it is a court order allowing it in certain cases, which are:
Also note that if you have just signed such a contract, you have 14 days to withdraw, unless the property is not within the European Union. Never sign any contract, never pay money, without having read a timeshare agreement in its smallest details.
