It describes what this type of vacation consists of and what precautions must be taken when hiring it.
What is a timeshare scheme?
A contract under which the consumer pays to use and enjoy a property (apartment, hotel room, etc.) for a specified period.
How are shared vacations contracted?
Through a contract with a specialized company that offers the service. This must make explicit the modality in which the contractor will enjoy the holiday property.
What forms of timeshare exist?
- Week and unit fixed in perpetuity.
The buyer contracts the use and enjoyment of a specific property, in a specified period each year and for the life of the user and his family. Under this modality, the user can lease, sell, exchange or donate their rights of use and enjoyment. - Right to use.
The client contracts the right to use and enjoy the property in one or more projects, but for a certain number of years, generally between 5 and 50. These plans are the most used today and work like a club membership. - Vacation clubs or points programs.
They offer the greatest flexibility of use on a different date for each vacation period. Club members purchase a package of points, which are used as “currency” to access the different suite sizes, season or number of days. The number of points required varies in relation to the demand of the partners, the size of the unit, season and location of the property, among other factors. - Fractional ownership
Allows consumers to contract a greater number of weeks, usually between 4 and 26, for a lower cost. This modality is popular in ski or beach destinations.
Units with “lock-off” or “lock-out” allow users the option of occupying only a portion of the unit on one date and the rest on another. You can rent one of the portions or even exchange it.
Timeshare is sold as fixed time or as floating time.
- Fixed time
The unit (condominium) or type of unit, is purchased to be used for a specific week. That interval is assigned for each year to that member. - Floating time
Refers to the use of vacation accommodation generally for a specific season of the year (summer, winter, all year, etc.)
The user must reserve their desired vacation date in advance, since the confirmation of the reservation is generally made on the basis of: “first call / first confirmation”. - Split week
These are required by members who prefer shorter vacations and allow them to divide their interval into two or three separate visits to their development, commonly one for three nights and one for four, on two different dates in the year. Reservations are generally also confirmed on a “first call / first confirmation” basis and subject to availability. - Biannual use or alternate use
Mode that allows the use and enjoyment of the property only every two years. Its cost, cheaper than the annual modality, is attractive for those who do not take vacations every year or do not have the financial resources to acquire the complete plan.
Source: website www.pucon.com
Who can sell timeshare services?
Companies specialized in this area, which in Chile are grouped into the Chilean Association of Timeshare (Atico) .
Is there a law regulating timeshare vacations?
No, however, the Consumer Law stipulates, since 2004, the right of withdrawal for arranged or called meetings as long as they have not made use of the service.
This means that the consumer can repent and recover the money he paid or the documents he delivered, up to 10 days after contracting the service, which is enforced by registered letter to the provider. The goal is for the consumer to have a “cool-down period” where they can more calmly reflect on their purchase decision.
SERNAC recommendations for hiring a timeshare service
- Obtain a definitive deed of the contract that proves your right of usufruct of the real estate on which the timeshare is exercised.
- Be certain that said deed and the usufruct right are correctly registered with the Real Estate Registrar. Until that minute the person does not own anything because the right to use the property becomes effective at the time of registration.
- Review well what you sign. Do not be left with any doubts. See, for example, if what they are offering you is suitable for high seasons and holidays. Some of these timeshare offers operate only for the off seasons and do not include holidays. Find out if you have to pay a maintenance fee independent of your use as the owner.
- Remember that no one can force you to sign a document without your consent.
If you hire a timeshare service and you are not satisfied with the terms of the contract, can I cancel it?
Until the consumer law reforms came into effect in 2004, quickly signing a timeshare contract meant “getting tied up” for a long time.
However, now you have the right to repent and get back the money you paid or the documents you signed, almost without realizing what you were doing.
This is expressly stated by law, in the articles referring to the right of withdrawal (*):
Art. 3 bis a) The consumer may unilaterally terminate the contract within a period of 10 days from the receipt of the product or from the contracting of the service and before the provision of the same, as in the following case:
In the purchase of goods and contracting of services carried out in meetings called or arranged for this purpose by the supplier, in which the consumer must express his acceptance within the same day of the meeting.
The exercise of this right will be enforced by registered letter sent to the supplier, at the address indicated in the contract, issued within the period indicated in the heading “.
Where can you claim?
Because it is the purchase of a good or service, if you feel that the timeshare company has violated any of the rights recognized by law, you can contact the National Consumer Service, , which has a large infrastructure to inform people when buying a good or service, so that they know their rights regarding consumption and defend them when they feel they are being violated.
