The Timeshare Purchase Agreement is essential for transactions involving shared property usage rights in Germany. This document is used when a purchaser acquires the right to use a property for specific periods on a recurring basis, typically in a holiday or residential complex. The agreement must strictly comply with German Civil Code (BGB) requirements and EU Directive 2008/122/EC, particularly regarding consumer protection. The document includes comprehensive details about the property, usage rights, fees, maintenance obligations, and the mandatory 14-day cooling-off period. It's crucial for protecting both the seller's and buyer's interests while ensuring transparency and legal compliance in timeshare transactions under German jurisdiction.
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1. Parties: Identification of the seller and purchaser with full legal names and addresses
2. Background: Context of the agreement and brief description of the timeshare property and scheme
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the timeshare property, including exact location, unit specifications, and facilities
5. Usage Rights: Specific details of the timeshare interest, including duration, permitted periods of use, and any rotation system
6. Purchase Price and Payment Terms: Complete breakdown of the purchase price, payment schedule, and any financing arrangements
7. Cooling-Off Period: Mandatory 14-day withdrawal right as per German law, with clear explanation of the process
8. Maintenance and Management: Details of property management, maintenance obligations, and associated fees
9. Annual Charges: Specification of all recurring charges, including maintenance fees, utilities, and property taxes
10. Rights and Obligations: Comprehensive list of rights and obligations of both parties
11. Duration and Termination: Terms regarding the duration of the agreement and conditions for termination
12. Assignment and Transfer: Conditions under which the timeshare rights can be sold, transferred, or inherited
13. Governing Law and Jurisdiction: Specification of German law as governing law and jurisdiction for disputes
14. Notices: Process for formal communications between parties
15. Entire Agreement: Standard clause confirming this document as the complete agreement between parties
1. Exchange Program: Details of any affiliated exchange program, used when the timeshare is part of an exchange network
2. Financing Provisions: Detailed financing terms and conditions, included when seller-financing is offered
3. Insurance: Specific insurance requirements and responsibilities, included when special insurance arrangements are needed
4. Special Use Rights: Any additional or special usage rights or privileges, included when offering premium or club memberships
5. Resale Assistance: Terms regarding any resale assistance services offered by the seller, included when such services are part of the package
6. Construction Completion: Required when the property is not yet completed, including completion guarantees and timelines
1. Schedule 1 - Property Details: Detailed technical description of the property, floor plans, and specifications
2. Schedule 2 - Usage Calendar: Detailed calendar showing usage periods and rotation system if applicable
3. Schedule 3 - Fee Schedule: Comprehensive breakdown of all fees and charges
4. Schedule 4 - House Rules: Rules and regulations governing the use of the property and facilities
5. Schedule 5 - Management Agreement: Copy or summary of the property management agreement
6. Schedule 6 - Withdrawal Form: Standard form for exercising the cooling-off right as required by German law
7. Appendix A - Pre-contractual Information: Mandatory pre-contractual information as required by German law
8. Appendix B - Property Title Documents: Relevant property ownership and registration documents
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Hospitality
Tourism
Property Development
Leisure and Recreation
Property Management
Legal Services
Financial Services
Relevant Teams
Legal
Real Estate
Sales
Compliance
Customer Service
Property Management
Business Development
Operations
Contract Administration
Relevant Roles
Real Estate Lawyer
Property Manager
Resort Development Director
Sales Manager
Compliance Officer
Customer Service Manager
Real Estate Agent
Legal Counsel
Contract Administrator
Business Development Manager
Resort Operations Manager
Property Development Director
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