Fractional Ownership - Questions and Answers

WHAT IS FRACTIONAL OWNERSHIP?
It is an arrangement where a group of individuals buy a property together as co-owners and share the ongoing costs and use of the property.

WHEN WILL EACH OWNER USE THE PROPERTY?
Each property will have a permanent usage structure so that each co-owner can be certain of their usage rights. Each owner can use the property for four weeks each year. The owner will select their usage weeks each year based on a rotating system of priority well in advance to allow plenty of time for planning.

HOW WILL THE CO-OWNED PROPERTY AND CO-OWNER GROUP BE MANAGED?
For a yearly fee the maintenance and bills are taken care of by a management company, the Harlequin Property Club. They will also be in charge of administering the usage rights. A detailed and legally-binding co-ownership agreement allocates usage rights, costs and responsibilities amongst the co-owners. The agreement will also clearly lay out the rules for resale, gifts and inheritances of fractional shares to avoid any logistical difficulties.

WHAT IF I CAN'T OR DON'T WANT TO STAY IN MY PROPERTY DURING MY USAGE PERIODS?
Co-owners will be allowed to exchange any of their four weeks with other co-owners, give them to friends or family, or rent out the property and retain the rental income.

WHAT IF SOMETHING IS BROKEN, LIKE A TV OR AN OVEN; WHO PAYS?
Each property will have an annual operating budget which will include an allowance for repair and replacement of the property contents.

CAN I SELL MY FRACTIONAL INTEREST?
Investors can transfer or sell their share in the property at any time as with real estate ownership. The Harlequin Property Club can help with finding a buyer or completing the sale process.

HOW IS FRACTIONAL OWNERSHIP DIFFERENT TO TIMESHARE?
The important difference is that the buyer always has equity in the bricks and mortar they initially invested in, which means they can also take advantage of the increase in value of the property overtime as they would if they owned the entire property.