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Castle Rock - Lot #11 Timber Shores
Questions and Answers on fractional ownership.
What is fractional ownership?

Fractional ownership has been around for many years. Business men and women have used fractional ownership over the years to purchase many high priced items such as private jets, expensive jewelry, luxury cars, and yachts to name a few. Your investment is lower, your maintanance costs are less and your risk is much smaller than if you purchased on your own. The same principles can be applied in real estate: smaller up-front costs, much lower maintenance costs (taxes, utilities, etc.,) because all owners share in the costs. And maybe the most important reason of all is that you can afford a much nicer vacation home than you could on your own, with hassle free ownership and small costs open the door for many who could otherwise simply never afford to own a vacation or second home. While many of the fractional properties out there are more of a resort type (condo, villa, etc.,), we offer a unique single family home, giving you the privacy, comfort and serenity of your own home instead of the hustle and bustle of numerous buildings, traffic and other people sharing the space.



Q: Who owns the property?
A: All shareholders own the property – all shareholders are on the title and have deeded ownership.

Q: How long do I have ownership of the property?
A: It’s yours forever – just like your home. You can put it in a will, pass it down to family or friends or sell whenever you’d like.

Q: Who controls the property?
A: The owners do. The owners elect a board of directors and they set up rules for all owners.

Q: How are the weeks you spend on your shared property for vacation decided?
A: Each owner will have one week in the spring, summer, fall and winter. A request sheet will be sent to all owners to pick their preferred weeks. You can switch at anytime with an owner that’s willing to trade weeks with you to better accommodate vacation days, etc. Weeks will rotate so everyone gets the preferred weeks such as holidays and long weekends.

Q: How many weeks do I get?
A: Four weeks total – 28 days. One week in spring, summer, fall and winter. You are able to buy as many shares as you wish to expand your ownership in the property and expand the number of weeks you vacation.

Q: Who cleans the home?
A: A cleaning service cleans the home every Sunday between 12noon and 4:00pm. The maintenance fees cover this service.

Q: What is grocery service?
A: You can either call, fax or e-mal your grocery list and when you arrive at the home, the fridge will be stocked with the food you ordered. You have to pay for the groceries, which is not included in the maintenance fees. Alcoholic beverages cannot be included in your order for liability reasons.

Q: When do the weeks start and end?
A: You can arrive anytime after 12 noon on Sunday. Sunday starts and ends the weeks for your vacation time in your shared property. The cleaning service will not be done cleaning your home until 4:00pm, but you can still arrive and swim, boat or walk the trails. So you could technically arrive at 12noon on Sunday and depart at 12 noon the following Sunday.

 

Q: What comes with the home?
A: You have shared ownership in everything – in and outside the home. This includes the home, lot, all furnishings, beds, towels, electronics, appliances, pontoon boat, washer/dryer, etc.

Q: How much are ownership shares and how many owners will there be?
A: Ownership shares are preconstruction discounted at $135,230.00 per share, with an estimated cost of about $5,600.00* per year for costs associated with:
• Taxes
• Insurance
• Lawn care
• Snowplowing
• Utilities
• Management
• Maintenance
• Capital account
* This is an estimated cost and will be based on actual
costs of the property, which may adjust as needed.

Q: When will construction start – and when will the home be completed?
A: The construction of the home will start Fall 2007, maybe sooner depending on the progression of the land developer. The home will be done and ready for occupancy Spring 2008.

Q: How do we proceed in buying a share?
A: You can start my filling in the letter of intent and either mail, fax or e-mail this information to us to secure your ownership spot. This does not commit you to buy into the property. Once the construction plans are done and final approval of the lots are ready, you would place an offer to purchase and $16,000 earnest money into escrow. Your money is fully refundable if you decide not to buy your share. If you have any questions or concerns, please don’t hesitate to contact us for any reasons.

Cell phone: 262-719-4911
Fax: 262-968-2117
Office: 262-968-2455
e-mail: duncanhildebrandt@hotmail.com

 


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