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Regulation On independent valuation of a certificate (document) confirming membership in the system of club holiday (timeshare)
Agreement
Regulations
Regulation On independent valuation of a certificate (document) confirming membership in the system of club holiday (timeshare)
Regulation On independent valuation of a certificate (document) confirming membership in the system of club holiday (timeshare)
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Regulation On independent valuation of a certificate (document) confirming membership in the system of club holiday (timeshare)
I. General conditions
1. The Regulation defines the order and conditions of independent valuation of the certificate (document) confirming a club holiday membership (timeshare).The requirements of the Regulation on performing independent valuation of a certificate (document) confirming a club holiday membership (timeshare) (further referred to as object of valuation) are applied irrespective of requirements of the state – location of the property or owner of the property strictly under the Regulation.
2. The independent valuation of the object of evaluation (further referred to as valuation) is performed by XANTO TRADING LLP or organizations obtaining a special permission to perform this activity from XANTO TRADING LLP (further – valuator) due to applications of civil legal relationship participants interested in the valuation (further – valuation clients).
3. The main aim of the valuation is activity of valuators on defining the price of the object of valuation under the Procedure of valuation of cost of certificate (document) confirming membership in the system of club holiday (timeshare) (Application 1 to the Regulation).
In pursue the aims of the valuation the cost of certificate (document) confirming membership in the system of club holiday (timeshare) is the most probable price at which this object of valuation may be sold in the open competitive market when both parties of the purchase act reasonably, possessing all necessary information and no extraordinary circumstances influence the cost of the deal, that is in cases if:
— One party is not obliged to sell the object of valuation and the other party is not obliged to buy it;
— The parties of the deal are well aware of the subject of the deal and act in their interest;
— The object of valuation is offered to the open market through public offer typical for the same objects of valuation;
— The cost of the deal is a reasonable cost of the object of valuation and there was no constraint to perform the deal from any of the parties;
— The payment for the object of valuation is expressed in some currency.
The following is to be defined to achieve the aims of the valuation:
1) legal details of the organization (management company, resort) – the issuer of the certificate (document) confirming the membership in the system of club holiday (timeshare);
2) data on holders of the certificate (document) confirming the membership in the system of club holiday (timeshare);
3) the organization providing the membership in the system of club holiday (timeshare) (resort, management company, market agent) and its status;
4) data on real assets which are the object of membership in the system of club holiday (timeshare);
5) data on the period of using the real assets which are the object of membership in the system of club holiday (timeshare);
6) data on membership in the system of club holiday (timeshare).
In pursue the aims of the valuation the cost of certificate (document) confirming membership in the system of club holiday (timeshare) is the most probable price at which this object of valuation may be sold in the open competitive market when both parties of the purchase act reasonably, possessing all necessary information and no extraordinary circumstances influence the cost of the deal, that is in cases if:
— One party is not obliged to sell the object of valuation and the other party is not obliged to buy it;
— The parties of the deal are well aware of the subject of the deal and act in their interest;
— The object of valuation is offered to the open market through public offer typical for the same objects of valuation;
— The cost of the deal is a reasonable cost of the object of valuation and there was no constraint to perform the deal from any of the parties;
— The payment for the object of valuation is expressed in some currency.
The following is to be defined to achieve the aims of the valuation:
1) legal details of the organization (management company, resort) – the issuer of the certificate (document) confirming the membership in the system of club holiday (timeshare);
2) data on holders of the certificate (document) confirming the membership in the system of club holiday (timeshare);
3) the organization providing the membership in the system of club holiday (timeshare) (resort, management company, market agent) and its status;
4) data on real assets which are the object of membership in the system of club holiday (timeshare);
5) data on the period of using the real assets which are the object of membership in the system of club holiday (timeshare);
6) data on membership in the system of club holiday (timeshare).
4. The losses of the valuation client resulted from illegal activities of the valuator or undue fulfillment of its duties by this organization are to be compensated under the civil laws of the country where the valuation was performed.
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