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Time sharing contracts are a new type of contracts relating to immovable property created in response to modern life necessities. The main feature of this type of contract is that the ownership of property is transferred to the buyer for a limited period of the year. Unlike traditional sale contracts in which the buyer acquires the complete and continuous ownership of the property purchased, in time sharing contracts the buyer owns the property only for a limited period of each year, in January for example. Thus, the property in question may be owned for a limited period during a year by a number of owners. This article discusses the status and content of time sharing contracts by considering certain European countries