 |
||
Questions and Answers- To Keep You Informed!
This is a list of some more FAQ that you may have over this program. If you have other questions contact us to find out more.
Use the sign up form for more information.
The program we are offering is a formal and structured approach to co-owning an existing cottage. Many families have carried this on for years as properties have been passed down through generations. Alternately, because of the high costs of waterfront many family and friends pool their resources to purchase a property, this allows a more affordable ownership option. What is Fractional Ownership? The predominate method of sharing ownership of recreational properties in Ontario is referred to as Fractional Ownership. In fractional developments, you are typically part of a company formed to hold title to the property with a limited number of co-owners or shares created. The shareholders agreement, bylaws, operating agreement or co-ownership agreement allocate each owners specific rights, costs and responsibilities. How is this program different? We are not creating a fractional development! We target existing properties for the creation of a shared ownership system. Our major criteria are the location, waterfront and appropriate due-diligence on the lands and buildings. We look for specific locations where the required services are available. All properties are based on the underlying value of the real estate. Why share ownership of a cottage property? Many people dream of owning, but with the average price in Ontario approaching $500,000, most families cannot afford the type of property they desire, afford the expenses or would use the property enough to justify the purchase. Sharing allows you to purchase a share of the property and share in the ongoing expenses and upkeep. The trade off is you share in the usage of the property. Is this a timeshare? 
Nope!!! Is sharing ownership with family and friends considered a timeshare? In a timeshare you purchase a right to use the property at a specified time during the year for a number of years. You will have no right of ownership in the land or buildings.Purchasing a share in a cottage property, you and the other co-owners own the property. You will share in the future value changes of the Real Estate Our program is to create the co-ownership; we do not own the buildings or land. We provide ongoing support for all co-owners to ensure that the property is maintained impeccably and the co-ownership continues to operate without issues. How are the properties selected? The properties will be on select waterfront lots and generally year round properties in select Ontario cottage areas. Access to the property must be good as well as the properties in overall excellent condition. Remember, these are cottages and some areas may be a bit more difficult to get to in the off season. Who looks after the property? We provide all maintenance and upkeep on the properties and required services through sub-contracts out to reputable local companies. We need your review of the services at all times. Finally, What about the risks of sharing ownership? Our legal agreements are comprehensive documents that were created specifically to address the concerns of all co-owners. These agreements essentially take the risk out of the equation. The systems ensure that everyone's enjoyment of the property is secure and trouble free for a lifetime of ownership. Please contact us for more information. |
||
|
Enjoy This Site?
Then why not use the button below, to add us to your favorite bookmarking service? |
||
| Template Design | ||
|
| ||