Frequently Asked Questions
What is Shared Cottage Ownership?Shared ownership of recreational properties or vacation homes is also refered to as Fractional Ownership. In a typical arrangment families or friends pool thier resourses together and share the costs and usage of the property. In this case they would be shown on the title and deed as as owner and possibly share in the costs of a mortgage. In fractional developments, you are typically part of a company formed to hold title ot 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. Why share ownership of a cottage property?Many people dream of owning a cottage property, but with the average price in Ontario over $400,000, most cannot afford the type of property they desire, afford the expenses or would use the property enough to justify the purchase. Shared or Fractional ownership, allows you to purchase a share of the property and share in the ongoing expenses and upkeep. The tradeoff is you give up the usage and some of the benifits of if you owned the property yourself. Is this a timeshare?Legally in Ontario, Fractional ownerships are referred to as timeshares, but there are similarities and differences. 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. By purchasing a share in a cottage property, you and the other co-owners have ownership and share in the future value changes of the Real Estate, similar to your home. How are the properties selected?The properties in this program will be on select waterfont lots, year round properties, unless specified by a group for a three season property. All are fully inspected by a registered home inspector, septic inspection etc. any nessesary upgrades or repairs required are completed immediatley, minor items can be scheduled into a future maintenanace week. All properties are fully furnished new with select furnishings including kitchen, bedrooms, living room and all outdoor furnishings. How is the ownership shared?The ownership models all work on the same basic principle.In the ten share system there are ten-five week packages. You own a week every ten weeks In a fifth ownership you own two weeks every ten weeks Other packages will follow the same principle. Who looks after the property?CWV will provides all maintenance and upkeep on the properties through a three year contract. Our goal is to provide a superior service for all co-owners with regards to the property care, upkeep and maintenance that is required. After the three years, we will ask for a renewal but with a majority vote of the co-owners a new maintenace company can be brought in. Future property improvements and maintenance are scheduled into the spring and fall maintenance weeks Further questions?If you have more questions, we would be please to answer any questions you may have with our program. Please contact us for more information.
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