|Spanish to English translations [PRO]|
Bus/Financial - Law (general) / Deed
|Spanish term or phrase: escritura de cesion de explotacion turistica con reserva de uso parcial|
|Canary Islands, Spain|
ESCRITURA DE COMPRAVENTA DE BIENES INMUEBLES, DE CESION DE EXPLOTACION TURISTICA CON RESERVA DE USO PARCIAL, DE CONSTITUCION DE DERECHO REAL DE OPCION DE VENTA Y DE RETRACTO CONVENCIONAL
CUARTA.- CESION DE EXPLOTACION CON RESERVA DE USO PARCIAL.- La parte adquirente se obliga a ceder la explotación turística de la finca transmitida a la entidad vendedora durante el plazo máximo de XX AÑOS, reservándose el uso privativo de la finca durante el plazo de xx días naturales por cada anualidad de duración del contrato de explotación turística.
I'm trying to understand this document and it appears to me that the buyer buys the apartment, then at the same time grants the seller the right to rent it out for 10 months per year (as regulated in a separate contact), and has the option to sell it back. So to me it looks like a type of timeshare agreement, although it is not explicitly stated.
|Deed of Transfer of Tourist Business retaining use of part|
I agree with the asker that it's a species of time-share and with Phil G. that it's an assignment of a tourist operation, albeit not too sure about an outright management contract.
I also believe it is the use that is partial and not the reservation.
However, the UK spectre of a trust with an 'interest-in-possession' - failing to dispose of the settlor's whole estate - rears its ugly head, whilst 'an interest in possession tourism trust deed' might be too far-fetched.
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|Thank you, Adrian.|
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