(1) A timeshare contract is a contract by which a trader procures or promises to procure for a consumer the right, in return for the payment of a total price, to use a residential building several times for a period that is specified or to be specified, for the purposes of overnight stays, for the duration of more than one year. All extension possibilities provided for in the contract are to be taken into account when calculating the term of the contract.
(2) The right may be a right in rem or another right, and in particular also may be granted through membership of an association or a share in a company or partnership. The right may also consist of opting to use one of a group of residential buildings.
(3) A part of a residential building is equivalent to a residential building, as is a moveable thing or a part thereof intended as overnight accommodation.