750 TOURISM LAW IN EUROPE To this is added the necessary registration in the Property Registry (art. 27) and the obligation to subscribe an insurance or other equivalent guarantee that covers, for the entire duration of the promotion and until the transmission of all timesharing rights, the risk of birth in his charge of the obligation to indemnify third parties for damages caused by him or any of his dependents, until said transmission occurs. Articles 29 and 30 regulate the conditions of promotion and transmission. Law 4/2012 expressly prohibits the transfer of timesharing rights with the name of “multipropiedad” (multiproperty) or any other that contains the word property. In turn, the Law provides for the possible termination of the contract due to non-payment of fees. That is, as established in article 32, the owner will have decision-making power in the event that the purchaser who owns the timesharing right, once required, does not pay the fees due by reason of the services provided for at least one year.
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