TATOC The Timeshare Association

Understanding Escritura

The following is the minimum content of an Escritura as indicated in article 11 in Spanish law (number 42):

• The date of the contract and information on the resort from the property register.
• Description of the right to be sold and how long it will last.
• Description of the building and the dwelling to be used, with their registration dates from the property register.
• Whether the dwelling has been terminated or not. If not terminated it must state at what stage of termination it is at the moment, reference given to building license from municipality, the stage of termination of common services, building description, list of furniture and equipment included and their value, and explicit reference to the guarantee of termination with a date for finishing the work.
• The price for the right of use, taxes and the annual costs.
• Common services and installations the buyer has the right to use, and eventual conditions for this use.
• If possibilities exist of taking part in an exchange system and the costs involved.
• Name and address of vendor and eventual inscription numbers in the Mercantile Register. If someone other than the owner sells, his legal relation with the owner must be indicated. Also, the eventual service company other than the owner must be mentioned.
• Duration of the right of use.
• Explanation of the rights of the buyer to check the title deed, giving name, address and fax number of the property register; the right to demand a title deed in the name of the buyer and having this inscribed in the property register.
• Place of signing and signatures.