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.
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
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
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.
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
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.
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.
I be required to pay special assessments in addition to regular association
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.
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.
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.
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.