What if the buyer does not pay the management fees? Either the owner of the complex or the company in charge of management can proceed to officially request the payment and to cancel the contract one year later.
The claimers will deposit " non consumed" part of the proce to be returned to buyer.
A penalty clause for these breaches can be agreed between parties, always under the possibility of judicial review
Deeds and Land Registry
These rights can be registered in the Land Registry. For this purpose, a Notary deed will be necessary.
Notary and Registrar will inform and protect the rights of the buyers and will not register rights lacking the necessary legal requirements according to this Law.
These rights can ne transmitted.
Community of share holders
When a timeshare scheme is formed, same Notary deed will set a community of holders. The performance of this community will be under the statutes established in the set-up deed or those freely agreed by its members. Agreements will be taken according to these rules:
-2/3 majority for those agreement that modify the scheme
- Simple majority for the rest of the agreements
- Same votes as rights held
- Judge can intervene if there is no agreement or one taken is seriously detrimental for interested paties
- Horizontal Property Act applies for matters not covered by this Act.
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"Ronda", Ronda - Málaga, Spain, by Werkmens, at flickr.com