FAQ's



 

1. What are the advantages of Fractional Ownership?
2. How is Fractional Ownership different from timeshare?
3. Can my ownership be resold?
4. Can a legal entity purchase quarter ownerships?
5. Is financing available to purchase?
6. Will I pay association dues?
7. Will I pay daily charges to use the homes?
8. Will I be required to pay special assessments in addition to
regular association dues?
9. Will the expenses ever change?
10. Can I make changes to the property?
11. How do I make changes to the current operating rules and
procedures, for example changing to a pet friendly environment?

 
What are the advantages of Fractional Ownership?
You can own an exquisite home for less than the deposit, property dues and taxes ordinarily required to own such a home outright. It provides owners with the amount of access they need and want with flexible usage; removes the maintenance worries typically associated with second home ownership; and matches your investment with your needs.

How is Fractional Ownership different from timeshare?
Fractional ownership is governed by the Time Share Act in many states because there is no fractional legislation body. Fractional Ownership is not like the time share in that it is not sold and marketed like time share. Product quality and service exceeds time share, it doesn't have the same owner density as time share, 4 owners per home versus 52 owners for example.

Most importantly our "Chapter" or fractions are fee simple deed real estate that can and do list on the MLS. .

Can my ownership be resold?
Yes. Like any real estate, an owner's interest can be listed on the MLS, sold, willed or transferred by the owner, subject to the Condominium Documents

Can a legal entity purchase quarter ownerships?
Yes. Ownership can be acquired in the name of a legal entity such as a partnership, corporation or trust. Up to four (4) registered owners may be listed and are given owner privileges based on Space Available.

Is financing available to purchase?
Yes, several local lenders offer financing for quarter ownership, following the underwriting guidelines associated with second home purchases.  This usually requires between 10-20% down payment (which may be possible to borrow from your Home Equity Line of Credit, allowing you a zero down purchase), and has very favorable interest rates.

Will I pay association dues?
Yes.  Owners will pay association dues for the professional management and operation of all the homes.  For example, supplies, maintenance, window washing, garbage removal, legal/accounting, insurance, utilities, property taxes, and reserves for replacement and/or refurbishing of facilities.   Annual budgets are submitted to the Owners for ratification.

Will I pay daily charges to use the homes?
No. Costs for management, full weekly housekeeping with a mid week tidy, maintenance and other operating expenses are contained in the annual dues for each owner.

Will I be required to pay special assessments in addition to regular association dues?
Only if all of the owners determine there is a need for a special assessment, then such assessment would be levied equitably based upon the allocation procedures for the annual dues. An owner may be assessed, as a personal charge, any costs and expenses for damage caused by the Owner or Owner's guests, and other compliance issues. The annual dues include an adequate capital reserve that should cover normal wear and tear as well as roof repair.

Will the expenses ever change?
The expenses are based on the actual cost of maintaining the property, with budget review and approval at the annual meeting of the owners. The annual dues will fluctuate with the budget. The owners are able to change and control the budget.

Can I make changes to the property?
No. Not on your own.  All the owners must agree to the changes and/or improvements according to a majority rule or as stated in the homeowner legal documentation. Most changes would be planned for in advance by the owners. There will be a reserve account for holding and building funds for capital improvements, maintenance and repairs.

How do I make changes to the current operating rules and procedures, for example changing to a pet friendly environment?

By simple majority vote of the current owners.

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