19.4.93 OfficialJournaloftheEuropeanCommunities NoC108/1
II
(PreparatoryActs)
ECONOMIC ANDSOCIALCOMMITTEE
OpinionontheproposalforaCouncilDirectiveconcerningtheprotectionofpurchasersin
contractsrelatingtotheutilizationofimmovablepropertyonatimesharebasis(!)
(93/C108/01)
On14August1992theCouncildecidedtoconsulttheEconomicandSocialCommittee,
underArticle100aoftheTreatyestablishingtheEuropeanEconomicCommunity,onthe
abovementioned proposal.
TheSectionforProtectionoftheEnvironment ,PublicHealthandConsumerAffairs,which
wasresponsibleforpreparingtheCommittee'sworkonthesubject,adopteditsOpinionon
2February1993.TheRapporteurwasMrAtaideFerreira.
Atits303rdPlenarySession(meetingof24February1993),theEconomicandSocial
CommitteeadoptedthefollowingOpinionbyamajorityvotewithoneabstenion.
1.2.Theproposalisdesignedto:
a)makeitobligatoryforpurchasersoftimesharerights
tobeprovidedwithrelevant,detailedinformation
onthecontractualcommitmentsalteredintoby
themwhentheysignatimeshareagreement,sothat
theyknowexactlywheretheystand;1.Introduction
1.1.Thelegalandeconomicpracticeknownastime­
sharinghasgrownsignificantlyasaformoftourist
accommodation overthelastfewdecades,andhas
becometoocommonasocialphenomenontobe
ignoredbyCommunitylegislation.
1.1.1.TheCommission'sproposalforaCouncil
Directive(*)ontimesharing,issuedinresponseto
requestsbyvariousMemberStates,ispromptedbya
numberofreasons:thecomplexproblemsfacedby
consumerswhodecidetopurchaseatimeshareright;
thetransnationalnatureoftimesharing;thedifferences
between,andgapsin,nationallegislations;theambigu­
ousnatureoftheinformationprovidedbysometime­
sharevendors;andthesevendors'aggressivesalestech­
niques.
1.1.2.TheCommitteehasalreadycalledforCom­
munitylegislationonthesector(2).b)helpestablishaharmonizedlegislativeframework
coveringthemainaspectsofthesector,bothfor
MemberStateswhichhavelegislationonthematter
andthosewhichhithertohavehadnone.Onlyfour
MemberStateshavespecificlawsontimeshares,
andthesedifferconsiderably :
—InFrance,timesharingisconsideredapersonal
right,andiscoveredbythelawofobligations,
—InGreece,itisconsideredarightoftenancy,
—InPortugal,itisarealright,andisalsocovered
bythelawofobligations,
(»)OJNoC222,29.8.1992,p.5.
(2)OJNoC49,24.2.1992. —IntheUK,the'clubtrustee'systemprevails;

NoC108/2 OfficialJournaloftheEuropeanCommunities 19.4.93
c)providepurchaserswithasufficientlylongcooling­
offperiodtoallowthemtostudyinfullthecommit­
mentstheyhaveenteredintobysigningthecontract;minimalistapproachandfullyrespectstheprincipleof
subsidiarity.TheCommitteesupportsthis.
2.3.1.MemberStatesaretobefreetodecidehow
toregulateotheraspects,inparticularthelegalnature
oftimesharerights,thusmaintainingtheirdiffering
legalarrangements .d)providealongercooling-offperiodwhenthetime­
shareisinanothercountry,bearinginmindthat
mosttimesharerightsheldbyECnationalsarenot
intheircountryofdomicile.
1.3.Theproposalgoessomewaytowardsfillinga
gapinthetimesharesector,althoughtheMemberStates
themselvesarelefttoadoptprovisionsontheestablish­
mentoflegislativeandfinancialguarantees,theform
ofsuchguarantees,andthelegalnatureoftimesharing.2.3.2.Theproposaldoesnot,however,gofar
enoughindealingwithfinancialregulationstoprotect
thepurchaser,andthereforetheCommitteesuggests
thatall'timeshare'operationsshouldberequiredtobe
registeredintheMemberStatewherethepropertyis
situated,shouldbeabletoprovidefinancialguarantees,
andshouldworkwithinacodeofpracticeclearly
definingthecontentsofthisDirectiveandotherlegis­
lationtoprotectthepurchaser.1.4.Legislativedivergencesarelikelytoincrease,as
SpainandItalyarealsoworkingonlegislation.
2.4.TheCommitteefearsthatalthoughthepro­
posedlegislativeframeworkistheonewhichispracti­
cable,itmaynotpreventconflictsbetweentimeshare
rightholdersandtherealowner/manageroftheprop­
erty,orevenbetweenrightholdersthemselves.2.Generalcomments
2.1.TheproposalisbasedonTreatyArticle100a.
2.1.1.ThisArticleconcernstheadoptionof
measuresfortheapproximation oflegislativepro­
visionswhichhaveastheirobjecttheestablishment
andfunctioningoftheinternalmarket.2.4.1.Thecomplexityandexcessivedivisionoflegal
powersbetweenthepropertyandrightholderswillcre­
ateseriousproblemswhenmajorrepairandmainten­
anceworkisdone,andalso—inextremecases—ifthe
managerleavesthebusiness.Theseareverytricky
questionswhicharenotfullyaddressedinanyofthe
nationallegislationmentionedaboveapartfromthe
Portugueseandwhicharenaturallyleftunresolvedby
theDirective.2.1.2.Article100amightnotbethebestlegalbasis,
sincetimesharingdoesnotcomeundertheapproxi­
mationofnationallegislationswhichhaveastheir
objecttheestablishmentandfunctioningoftheinternal
market.Thisisbecauseinmanycasesitdoesnot
involveapropertyorpropertyrightthatissubjectto
freemovement.Itwouldthusseemmoreappropriate
toregulatethesectorbymeansofaconventiononthe
establishmentofuniformlegislation.2.5.Undertheproposal,theminimumperiodforuse
ofthetimeshareisoneweek(sevendays).
2.5.1.Therightistolastforaminimumofthree
years.Thisseemsreasonable.
2.1.3.ThepreparatoryworkthatprecededtheEuro­
peanconventionscurrentlyinforce,andtheslowand
complexnatureoftheprocess,leadtheCommitteeto
acceptthelegalbasisproposedbytheCommission .2.5.2.TheCommission'sexplanatorymemorandum
notesthattimesharingmayinvolvegoodsotherthan
buildingsproper.Thisis,andalwayshasbeen,thecase
witheverythingfromdraughtanimalstovehiclesand
boats.
2.2.Theproposalsafeguardstheconsumer'sright
toinformationandfreedomtonegotiatecontracts;by
grantingthepurchaseracooling-offperiod,itprovides
adefencemechanismagainstthesnaresofaggressive
salespromotiontechniques.2.5.3.However,theCommitteedoesnotacceptthat
Communitylegislationshouldcoverimmovableprop­
ertyingeneral.Asstatedinthespecificcomments
whichfollow,theproposalshouldonlyapplytoareas
inwhichdisputeshavearisen:buildingsandpartsof
buildingsusedfortouristorleisureactivities. 2.3.Itshouldbestressedthattheproposaltakesa

19.4.93 OfficialJournaloftheEuropeanCommunities NoC108/3
3.Specificcomments
I.Article2—Contract
3.1.Therightwhichavendortransfersorunder­
takestotransfertoatimesharepurchaserisarealor
personalright.Itisnotatenancyright,sincetenancy
rightsdonotentailatransfer.shouldbelimitedsoastoexcludepropertywhichby
itsnatureisnotdesignedforleisureorholidayactivities.
3.8.Thefocusmustbeonthetouristsector,which
isclearlynotproperlyregulated.Thereisnopointin
interveninginotherareaswhereharmonization isnot
needed.
3.8.1.TheDirectiveshouldthereforementionthe
purelytouristnatureoftimesharing .Withoutthis,there
wouldbeariskoflegislatingOnmatterswhereinter­
ventionisnotjustified.
3.8.2.Itwouldalsocreateseriousproblemsinthe
propertysector,whichisalreadyfacingdifficultiesthat
cannotbeignored.3.2.Thetransferredrightappliestoanundivided
item—anundividedapartment—andtakeson(orcan
takeon)thenatureofarealpropertyright.Hencethe
Directiveshouldnotapplytorentalcontracts,evenif
theyonlycovershort-termletsinholidayresorts.
III.Article2—Vendor
3.3.Thefactthatcertaincountrieshavebasedtheir
legislationonrentalprinciplesdoesnotalterthefact
thatthetwosituationsaredifferent:rentalissimply
thenextbestthingandisthususedtoplugthegapin
specificlegislation.
3.4.TheCommitteethereforeconsidersthatthe
Directiveshouldnotapplytorentalcontracts,even
short-termletsinholidayareas.Insuchcasesthetenant
establisheshisrelationtothepropertyindirectly(i.e.
viathelandlord)andthelandlordcangenerallyrescind
thecontract—somethingwhichdoesnotoccurwith
timeshares .3.9.Thedefinitionexcludesvendorswhodonotact
inaprofessionalcapacity.
3.10.Thedefinitionsof'timesharecontract'and
'immovableproperty'overlookthepossibilityofacon­
tractinvolvingthepurchaseofmorethanonetimeshare
rightforthepersonaluseofoneperson.
3.10.1.TheDirectiveshouldmakespecificprovision
forthisaspect,withoutalteringthebasicdefinitionsin
Article2whichmustformthereferenceframework .
3.10.2.Theuseofthegenericterm'vendor'could
allowtheDirectivetobeappliedtopeoplewhoarenot
actingintheirprofessionalcapacitywhentheydecide
toreselltheirtimeshareright.
3.11.TheCommitteeconsidersthateventhoughthe
vendorinsuchacaseisnotactinginaprofessional
capacity,thepurchasershouldstillbeguaranteedthe
highestlevelofprotection.Resaleshouldnotbea
mechanismforcertainfirmstoevadetheirlegalobli­
gations.II.Article2—Immovableproperty
3.5.Thedefinitionwouldexcludepremiseswhich
arenotbuildings,suchassitesfortemporaryleisure
activitiesthatusemovableordismountable facilities.
3.5.1..Ifsuchpremisesareindeedexcluded,thedefi­
nitionshouldbetightenedup.Sincethelistgivenis
onlyindicative,itistautologicaltousethephrases
'suchas'and'etc.'.IV.Article2—Purchaser
3.6.Initsexplanatorymemorandum ,theCom­
missionmentionstimesharepropertyofa'non-tourist'
nature,attachedtofairorexhibitionfacilities.3.12.UnderArticle2,theDirectiveappliestoindi­
vidualpurchasers.
3.12.1.However,agroupofpeoplemightpurchase
timesharerightsjointlyfornon-profit-making pur­
poses,i.e.notasaprofessionalactivity.
3.12.2.Forexample,anoldagepensioners'club
couldbuyatimeshareforitsmembers,oracompany
couldbuyoneinanon-professional capacitytouseas
aholidayhomeforsomeofitsemployees.3.6.1.ThedefinitioncontainedinArticle2doesnot
excludethese,althoughtheyarenotcitedamongthe
examples.
3.7.TheCommitteeconsidersthatthedefinition

NoC108/4 OfficialjournaloftheEuropeanCommunities 19.4.93
mationtobeprovidedforthepurchaser,inaclearer
formthanappearsunderpointb).3.13.TheCommitteeconsidersthattheDirective
shouldalsoapplytogroupsofpeoplewithnon-profit­
makingmotives.
3.14.Thisdoesnotmeanalteringthedefinitionof
'consumer'(anaturalpersonwhopurchasesforper­
sonalorfamilyuse),butsimplyextendingitforreasons
ofpracticalityandequity,asvariouslegalactsalready
have.3.20.Oneparticularproblemfacedbytimeshare
purchasersisfindingthatthebuilder/vendorhadmort­
gagedthepropertyasaguaranteeofthird-partyloans,
beforetherightsweretransferredtothepurchaser.In
theeventofforeclosure,thetimesharerightlapses,with
seriousconsequencesforthepurchaserwholoseshis
right.
3.15.Toprotectthepurchaserofatimeshareright
inapropertywhichhasnotyetbeenbuilt,thevendor
shouldberequiredtoprovideadetailedlistofspecifi­
cationsfortheproperty,includingthetypeandquality
ofconstructionmaterialstobeused.Thisrequirement
shouldbeincludedintheAnnex.
3.15.1.Theexistenceofaclearlistofspecifications
shouldensurethatapurchaserdoesnotdecidetobuy
solelyonthebasisofascalemodelorplanwhich
subsequentlyturnsouttobefarremovedfromreality.3.20.1.Inordertoresolvethisissue,particularly
where'clubtrustee'systemsareused,provisionmust
bemadeintheDirectivetoprovideforinformationto
bepassedtothepurchaserduringnegotiationswhen
thevendormaybetakingupamortgageorsellinghis
sharetoanothercontractor.Inthislattercasetheright
tobeinformedaboutamortgageonbuildingandland
mustbeconveyedtothetimeshareholders.
3.15.2.Thepurchasermustbeallowedtherightto
examinethepropertybeforeoccupationandbeforeyil.Article3(l)(d)—Participation
thefinalpaymenttoensurethatthespecificationsare
correct.
V.Article3(1)(a)—Construction3.21.Thepurchaserhastheright'tobeinvolvedin
theprocessofmakinganydecisionsconcerningthe
administration ofthetimeshareschemeandtheman­
agementandmaintenanceofthepropertytowhichthe
timesharearrangementrelates'. 3.16.TheEnglishandGermanversionsshouldbe
alignedontheFrenchversion.
3.21.1.Thepurchasermayalsounilaterallydelegate
thisrighttoathirdparty. 3.17.TheDirective(oritsAnnex)shouldincludea
provisiononthedeadlineforcompletionoftheproperty
andofconnectedfacilities.Thiswouldprotectcon­
sumerswhopurchasetimesharerightsbeforetheprop­
ertyhasbeencompleted.3.22.Bearinginmindpastexperiencewithmeetings
inwhichdozensofproprietorsdeliberateontheman­
agementofthesharedareasofapartmentbuildings,the
Committeeisconcernedaboutthisrightasitstands.
Inmostcases,itwouldmeanbringingtogetherhun­
dredsofpersonsscatteredoverdifferentcountries.
Whileparticipationasconceivedintheproposalisin
principlerightandproper,itisdifficulttoapplyin
practiceandthisfactshouldbeborneinmind.3.18.Theexpression'...toobtainfromtheauthori­
tiesofthecountry'shouldberedraftedtotakeaccount
ofthedifferentadministrative organizationsinvolved.
Itshouldread'...toobtainfromthenational,regional
orlocalauthorities'or'therelevantauthorities'.
VI.Article3(1)(b)—Transfer
3.23.Thetakingofdecisionsatmeetingsinvolving
hundredsoftimesharerightholdersisobviouslyacom­
plexissue.Itmightthereforebebetter,aswellas
providingforpostalvotes,toasknationallegislative
bodiestodevisearbitrationmechanisms,involvinga
judgeorindependentauthoritywhocan(a)reacha
rapiddecisiononadministrative andothercharges
whicharedeemedexcessive,or(b)appointanadminis­
tratorifthemanagerleavesorintheeventofadispute
betweentherightholdersandtheowner.3.19.TomeettherequirementsofTreatyArticle
100a,Article3(l)(b)shouldstatethatthesaleortransfer
involvesno'mortgageorotherchargesonthebuilding
orlandandobligationsotherthanthosestipulatedin
thetimesharecontract'.
3.19.1.Suchastatementshouldbeexplicitly
includedintheAnnex,aspartoftheminimuminfor­

19.4.93 OfficialJournaloftheEuropeanCommunities NoC108/5
VIII.Article3(2)—Guarantees 3.28.1.If,foranyreason,additionalcontractsare
signed,theseshouldbesubsidiaryincharacterand
shouldbesubjecttotheprovisionsofArticles6and7.
XII.Article7—Cooling-offperiod3.24.IntheCommittee'sview,theDirectiveshould
gofurtherandshouldprovideforanobligatory
insurancecontracttosafeguardtherightsofthepur­
chaserifthebuildingisnotcompletedforanyreason
bytheagreeddate.Thephrase'adequateguarantees'
istoovague.
3.24.1.Astandarddeadlineforreimbursement inthe
eventofnon-completion ofthepropertyshouldalsobe
stipulated.
3.24.2.MemberStatesshouldbeinvitedtotake
measurestooutlawtimeshareoperatorsorbrokerswho
lackthenecessarytechnicalandfinancialcapacity.3.29.Article7(1)givesthepurchaser14calendar
days,asageneralrule,towithdrawfromthecontract.
3.29.1.Portugueselegislationgivessevendaysand
UKlegislation14days.
3.29.2.FrenchandGreeklegislation,ontheother
hand,makenoprovisionforacooling-offperiod.
3.29.3.TheDirectivestipulatesa28-daycooling-off
periodforcaseswherethetimesharerightisexercised
inacountryotherthantheonewherethepurchaseris
normallyresident,evenifthecontractissignedinthe
purchaser'scountryofresidence.3.25.TheAnnexshouldthereforemakeprovision
forasecuritybondorinsurancepolicytocovercon­
structiondefectsinthebuildingandfacilities,payment
ofcompensation intheeventofnon-completion ,and
paymentstoguaranteeagainstdefectsforwhatever
periodisestablishedinspecificEClegislation.This
wouldmakeArticle3(2)moreprecise. 3.30.Inordernottocauseconfusionthereshould
beoneperiodof28daysforthecooling-offperiod.
Thiswillallowthepurchasertoseeklegaladviceinhis
ownMemberState.Thissolutionwouldguaranteethe
consumerthehighestlevelofprotectionwhilealso
respectingtheneedforfairnessinbusinessdeals.IX.Article4—Purchaser'srightsandobligations
3.26.Thisshouldcovertherightsandobligationsof
bothparties,andnotjustthoseofthepurchaser.
3.26.1.Itcouldberewordedtostressthebilateral
natureoftherelationship,althoughtheCommittee
recognizesthattheweakerpartyneedsspecialprotec­
tion,inaccordancewithTreatyArticle100a.3.31.TheCommission'sdetailedandwell-drafted
explanatorymemorandumdoesnotexplainwhyits
approachtotherightofwithdrawaldiffersfromthat
usedinArticle5oftheDirectiveoncontractsnegotiated
awayfrombusinesspremises(*).TheCommitteefeels
thataconsistentapproachisneeded,inordertomake
Communitylawmorestringentandoperable,unless
therearescientificorlegalreasonsfordoingotherwise.
However,nosuchreasonsaregiveninthepreambleor
intheexplanatorymemorandum . X.Article5—Language
XIII.Article7—Unjustifiedenrichment/gifts 3.27.Thepurchasermusthavetherighttochoose
thelanguageofthecontractandoftheinformation
documentsetoutintheAnnex.
3.27.1.Thisprincipleshouldbeenshrinedinthe
actualbodyoftheDirectiveasitismoreobjectivethan
theoneproposed.3.32.Inthecaseofgiftsofferedbeforethecontract
issignedoratapromotional'party',thesituationis
clear-cut.
3.32.1.Thissalestechniqueisusedtopressurize
potentialpurchasers,anditwouldseemfairthatthe
consumerisentitledtokeepthegift. XI.Article6—Writtencontract
3.33.However,itislessclearwhatshouldhappen
togiftsmadeafterthesigningofacontract,andwhich3.28.TheCommitteeendorsesthisArticleonthe
understanding thattheinformationdocumentmen­
tionedinArticle5,andanyotherinformationappended
tothecontract,cannotalterorunderminethepro­
visionsofthecontractitself,whichmustalwaystake
precedence . (»)OJNoL372,31.12.1985,p.3.

NoC108/6 OfficialJournaloftheEuropeanCommunities 19.4.93
wouldnothavebeenmadeifthepurchaserhadnot
signed.complexfactorslikelytoinducetheconsumertosign
atimesharecontract.
3.38.1.Clauseswhichamounttomisleadinginfor­
mationorinsinuationshouldalsomakethecontract
nullandvoid,asshouldanyconfusingofuserrights
andrealpropertyrights.Insuchcases,the'remedy'of
unilateralwithdrawalisnottherightwaytoguarantee
abusinessclimateofgoodfaithandfreewill.3.34.TheCommitteeconsidersthatthistypeof
inducementisinmanywaysunfairbothforthevendor
andthepurchaser,andsuggeststhatthegiftpromised
tothepurchasershouldonlybegivenwhenthecontract
isenacted(i.e.attheendofthe28-daycooling-off
period).Thiswouldresolvetheunfairnessforboth
vendorandpurchaser.However,anexceptionshould
bemadefortripsdesignedexpresslytoacquaintthe
purchaserwiththetimesharepropertydirectly.3.38.2.Article8shouldthereforeincludeathird
pointstatingthatanyclausemisleadingthepurchaser
astotheessentialcharacteristicsofthepropertywhich
isthesubjectofthecontractistobenullandvoid.3.34.1.Thisisnotthesameasthereimbursement
mentionedinArticle7(4)(a),sincethelatterisalmost
alwaysabilateralmatter.3.38.3.Insomecases,thenullificationofanessential
clause,ortheviolationoftheDirective'sessential
requirementsshouldsufficetoallowthepurchaserto
declarethewholecontractnullandvoid.3.34.2.Thisprovisionisimportantbecauseanon­
moneygiftmayinfluencethesigningofthecontract.
Ifthegiftisnotreturnedwhenthecontractisrescinded,
thiswouldbe'unjustifiedenrichment'fortheex-pur­
chaserofthetimeshareright.3.39.Theproposaldoesnottackletheuse,usually
awayfrombusinesspremises,ofunfairadvertisingand
aggressivedirectsellingtechniquesbyhighlytrained
salespersonnelwhoprovidepurchaserswithincom­
plete,inaccurateorevenfalseinformation.Itmightbe
arguedthatthisiscateredforinseparatelegislation(*),
butinfactitisnot.3.35.TheCommission'sexplanatorymemorandum
statesthattheterm'unjustifiedenrichment'istobe
interpretedinthesenseusedinDirective87/102/EEC
of22December1986onconsumercredit.Thisseems
appropriate .However,toensureeffectiveharmoniza­
tion(andthisiswhatisatstake),Article7should
haveafurthersubsectionspecifyingthat'unjustified
enrichmentistobeinterpretedinthesenseofArticle7
ofDirective87/102/EEC'.3.40.Thepromisesandinformationofferedbyhigh­
lytrainedvendorsasaninducementtoprospective
purchaserscanplayacrucialpartinthesigningofthe
contract,soitisvitallyimportanttoincludeprovisions
tooutlawmisleadingadvertisingandinformationand
theuseofhighlyaggressivesalestechniques.XIV.Article7—Deadlineforreimbursement
3.36.Article7(4)leavestheMemberStatestodecide
thedeadlineforreimbursement .Thiscouldleadto
divergencesinlegislationandpossiblytodiscrimination
betweenECcitizens.3.41.Salesawayfrombusinesspremisesshouldalso
bebannedoutright.Timesharesalesmenshouldbe
registeredbothinthecountrywheretheyworkandin
thatoftheheadoffice.
XVI.Article9—Conflictoflaws3.37.Thedeadlineforreimbursement couldthere­
forebelaiddownwithintheactualDirectiveorcould
beincludedintheobligatoryinformationprovidedin
theAnnex.Itshouldnotbelongerthanthecooling-off
periodspecifiedinArticle7.Reimbursement shouldbe
madewithoutanydeductionsorpenalty.3.42.TheCommitteeendorsestheproposedsolution
(Article9)totransnationaltimesharingproblems,
althoughconflictscouldstillarisebecausetheproposal
doesnotspecifywhichlawistobeapplicable.
XV.Article8—Clauseswhicharenullandvoid
3.38.TheDirectiveshouldincludeaclauseabout
misleadingadvertising,asthisisoftenoneofthemost(!)OJNoL250,19.9.1984;OJNoC180,11.7.1991.

19.4.93 NoC108/7 OfficialJournaloftheEuropeanCommunities
3.47.4.Ifthepropertyorproperty-right featuresin
aninternationalexchangescheme,thechargesandcon­
ditionsofaccessrelatingtotheschemeshouldbespelt
out.
3.47.5.Pointsa)andb)oftheAnnexshouldinclude
specificationofthenatureoftheright,whetheritisa
realorpersonalright,andthelegalobligationinvolved,
inthecaseoftheclub-trusteesystem.
3.47.6.Clearinformationshouldbeprovidedonthe
resalesystemandconditionsthereof.
3.47.7.Thepurchasershouldbeinformedofthe
consequencescfnon-payment ofcharges,more
especiallyfortheup-keepoftheproperty.Itshould
alsobemadeclearwhatlawisapplicableandwhat
authorityisresponsibleforresolvingdisputesbetween
theownerandtherightholder .
3.47.8.Ifthepriceofapropertynotyetconstructed
isliabletochange,theprice-adjustment formulashould
bestipulated.
3.47.9.Incaseswherepropertiesarenotyetbuilt,a
definitedeadlineshouldbesetforthesigningofthe
contractorthedatefromwhichtherightmaybe
exercised.Thepurchasershouldbeinformedofhisor
herrightsshouldthevendornotfulfilthecontractby
theagreeddate.
3.48.Theabovecommentssupplementthosealready
madeontheAnnexinthespecificcommentsonthe
Articles.XVII.Methodofpayment(newprovisions)
3.43.Atthetimethatthepurchasersignsacontract
totakeatimeshareheshouldonlyberequiredtomake
apaymentonaccount.Thispaymentwouldserveasa
depositifadepositisrequiredunderthecontract.The
balancewouldbepayablewhenthepropertyismade
availableforoccupation .
3.44.Thepurchasershouldbegiventherightto
inspectthepropertytoensurethatthespecificationlist
iscorrect.Hecould,ifhesowished,delegatethisaction
toathirdpartyorwaivetheright.
3.45.Thepurchaser'sinitialpaymentshouldbeheld
in'trust'onhisbehalfuntilthepropertyisreadyfor
occupation .
XVIII.Annex
3.46.TheAnnexismostinformativeandwillplay
avitalpartinguaranteeingfullfreedomofnegotiation
andensuringthatthevendorprovidestrue,objective
informationandthatthebuyerisfullyawareofhis
rights.
3.47.TheAnnexspellsouttheindividualprovisions
oftheDirective.However,itshouldnotcitespecific
Articles,asthiscouldmakeitdifficultforMember
StateswheninterpretingandimplementingtheDirec­
tive.
3.47.1.Thereferenceinpoint(k)toArticle3should
thereforebespeltoutaspoints(a)and(m)oftheAnnex
alreadyrefertoArticle3.
3.47.2.Thelastpartofpoint(i)concerningrental
contractsshouldbedeletedforthereasonsmentioned
above.
3.47.3.TheAnnexshouldcontainaprovisiononthe
existenceorotherwiseofinsurancetocovertheven­
dor'sobligations,suchasthepaymentofcompensation
whennecessary(see3.23and3.24above)andtherepay­
mentofanyguaranteepaidbytheconsumer,inthe
eventofwithdrawal .4.Conclusions
4.1.Althoughitishopedthatthepresentcomments
willbetakenintoaccount,theCommissionhasaddres­
sedthemainproblemsraisedbytimesharing .
4.2.Subjecttotheaboverecommendations ,the
Committeeendorsestheproposal.
DoneatBrussels,24February1993.
TheChairman
oftheEconomicandSocialCommittee
SusanneTIEMANN