TIMESHARE_CY

REMEMBER!!!

nFree Scratch Cards that always win nFree and Discount Vacation Packages nThe “Limited Time Offer” nVacation Discount Cards or Certificates n“Become a Travel Agent” Offers

nNot to sign any contract without reading it! nNot to pay money in advance nYou have the right to withdraw from a contract within a minimum period of 15 calendar days

The European Consumer Centre of Cyprus (ECC Cyprus) is part of the network of European Consumers Centres and is co-financed by the European Commission through the Directorate General DG SANCO (Health and Consumer Protection) and the Ministry of Commerce, Industry and Tourism.

ECC Cyprus informs advices and assists Euroopean consumers in cross border matters.

ΕUROPEAN CONSUMER CENTRE CYPRUS ECC Cyprus The European Commission is not responsible for the content of this leaflet.

This information is based on the national Timeshare law (No. 113 (I) of 2001), which fully implements the European Union Timeshare Directive (94/47/EC).

Dec. 2009

6 Andreas Araouzos Street, CY 1421 Nicosia Tel: +357 22867177 Fax: +357 22375120 Email: ecccyprus@mcit.gov.cy Web: www.ecccyprus.org

European Consumer Centre Cyprus ECC Cyprus

Design: Marios Christoforides 2009, Photos: ©Cyprus Tourism Organisation, ©iStcockphotos

! Be aware of promises of the type:

TIMESHARE IN CYPRUS

 WHAT IS TIMESHARE?

 SELLER’S MAIN OBLIGATIONS:

 IT IS RECOMMENDED:

Timeshare is a form of holiday ownership or is where you buy the right, to spend a period of time, (e.g. one or more weeks) in a specified immovable accommodation, for specific times in the year. All timeshare accommodation is self catering and ranges from a modest studio to appartment and villas.

- The seller is obliged by law to provide to the purchaser an informative document containing a general description of the specific immovable property, brief and accurate information regarding the particulars at the property and indications regarding the manner of receiving additional information.

 A TIMESHARE CONTRACT SHOULD INCLUDE AMONG OTHERS THE FOLLOWING:

- The seller is obliged to inform the purchaser in writing in relation to: nThe purchaser’s right to withdraw or cancel the contract.

- NOT to sign any contract without reading it carefully and ensuring that you understand everything that involves the timeshare contract.

- To request a time to study the contract and try to obtain appropriate advice from someone that is specialized in timeshare.

- To understand who is responsible for the running of the property.

- To obtain information of full costs including charges, legal fees, gas, electricity, maintenance charges.

- To understand the terms and conditions.

- Not to pay money in advance.

- The names and addresses of the parties to the contract.

- The exact nature of the law of the right transferred.

- An accurate description of the property.

- Services and common facilities such as lighting and swimming pool respectively to which the purchaser has or may have access and on what conditions.

- A clause stating that acquisition shall not result in costs, charges or obligations other than those specified in the contract.

- Information regarding the right to cancel the contract and the right to withdraw from the contract.

nThe address of the person against whom the above right may be exercised. nThe lack of the purchaser’s obligation to pay any costs in case he exercises the right to cancel or withdraw from the contract.

- The seller shall provide the purchaser with a certified translation of the contract in the language or in one of the languages of the country in which the immovable property is situated, provided that it shall be an official language of the European Union.

 PURCHASER’S RIGHTS: - The purchaser is entitled to: nWithdraw or cancel, without giving any reason within 15 calendar days of the signing of the contract by sending the relevant document of withdrawal/cancellation. nCancel the contract within 3 months of the signing of the contract, if the contract does not include certain information of the informative documents. nExercise the right to withdraw without paying any expenses.