TIME-SHARING: BEGINNING AND GROWTH OF AN INNOVATIVE SYSTEM Buying a time-share house means to become co-owner for a millesimal part, having the right to use it in a specific moment of the year established during the acquisition. The time-sharing system firstly spread in the United States after the First World War with a market value for time-share houses over the 60%. In Europe it spread from the 1950s, especially in France. In Italy the growth of the system started with the marketing of Napoleon Residence located in the Elba isle, in 1968. During the years even in Italy the system has improved and got a remarkable section of market. The time-sharing is the best way for the acquisition of a second house, because you have the opportunity to make a reasonable property investment, allowing a better use of the real estate (according to ISTAT the second houses are exploited 40 days per year on average, on the contrary the ones in time-sharing are exploited 200 days per year. Legislative references The time-sharing is regulated by the new Code of Consumption (Legislative Decree 206 - 6th , September 2005), turned effective on the 23rd of October 2005. It includes the control regarding the protection of the buyer of time-sharing houses (Title IV of the III Part of the Code of Consumption regarding the articles from N°69 to N°81). Inside the Code there are the provisions included in the L.D. 427 - 9th November 1998, that carried out the directive 94/47/CE about the protection of the buyer for some parts of the contracts regarding the acquisition of the right of use of the real estate for some periods of the year. The L.D. 427/1998 – already modified, compared with the initial formulation, firstly by the art.4 of the law 135 – 29th March 2001, about the reform of the legislation regarding the tourism, and then by the art.10 of the law 39 – 1st March 2002 (Community law 2001) - is now abrogated owing to the coming into effect of the Code of Consumption, as the art.146 explicitly orders. THE ADVANTAGES OF THE TIME-SHARING When you buy a time-share house you become the owner of a “right of ownership”, ratified with a notarial deed. So the owner can exercise, just during the period of the holiday, his rights related to the right of ownership. He is allowed to use the flat, for his own part, or he can hand over to a third party (both for free and on payment) personally or through an agency, he can change the period and the place of the holiday, he can sell, give or bequeath his share. The purchase of the time-share house ensures the owner two advantages: the economic and the managerial one. The economic advantages:
The managerial advantages:
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