| Fractional FAQs |
|
What is fractional ownership? A. Fractional ownership is ownership of a part of property. With fractional ownership, a property is owned and shared by a defined number of people who use it exclusively during their time segment. This type of ownership is a "worry-free" way to own vacation property. This type of arrangement gives purchasers the benefit of deeded property and use of a high end property, at a reduced cost. This decreases each owner's responsibility for property maintenance and operating costs by approximately 75%. Because the property is deeded, owners receive the benefit of changes in property values. How does it work? A. As an owner of a fractional ownership residence at Sun Dale, you can own a one quarter interest in a specific residence. The title to the real estate is divided so that each owner has a share in all of the property. You will receive a title deed to your fractional one quarter interest, similar to the title deed that you may hold to your primary residence or vacation home. You may decide to purchase more then one quarter fraction if you choose. There is no cross liability between you and the other owners, and you are free to sell, will, gift or mortgage your fractional interest as you choose without affecting the other owners. Ownership of a fractional ownership residence at Sun Dale offers you the ability to own an interest in and enjoy a luxurious residence, exquisitely furnished and decorated and managed for you, at a fraction of the full ownership cost. How much would a fractional ownership residence at Sun Dale cost? A. There are several fractional ownership options to choose from. The price varies based on the options included in each of the fractional ownership homes. For example the fractional cost of a $500,000 home would be $125,000. The fractional cost of a $600,000 home would be $150,000 Please call (306) 359-0644 for specific pricing or visit www. Sundale.ca What are the benefits of fractional ownership? A. There are a number of advantages including reduced purchasing costs (because costs are divided by four); access to property management service (ensuring a maintenance-free vacation property); reduced costs make purchases of higher-value properties more accessible. How often would I get to use it? A. One quarter share of a fractional ownership residence would give you usage of the residence for 12 weeks a year. (See Usage section below). Is fractional ownership a preferred method of recreation property ownership? A. Yes. Fractional ownership residence organizations are the fastest-growing segment of the luxury vacation ownership industry. Affluent buyers have enthusiastically embraced the fractional ownership concept, purchasing fractional interests that allow them to receive incredible benefits, such as flexibility and appreciation, with a significantly lower investment. What will fractional ownership give me? A. Fully Deeded Real Estate
Each owner receives a fee simple undivided 1/4 deeded interest in their Sun Dale residence. Deeded ownership provides the utmost flexibility and security. There is no better way to provide your family the treasured memories of the Sun Dale lifestyle. Ownership of your deeded interest provides a real estate asset, with the opportunity to create a family legacy by being able to will it to your children or whomever you choose. A fractional interest can be mortgaged or resold just like a luxury vacation home. Abundant and Flexible Usage
Subject to the agreed reservation procedure, owners, their family members, and designated guests can stay at the residence anytime during the owners assigned weeks. A special legal arrangement specifies which time of year each owner will get to use the property. This arrangement will also outline how the property will be managed and what costs the owners will share. Owners have the flexibility of planning stays well in advance or as a last-minute getaway vacation. With fractional ownership, you are only buying what you need. Owners of fractional real estate can get the level of luxury they want and only pay for the fraction of time they actually plan to use the property. Value
Fractional ownership allows you to access a more luxurious vacation home then what you might otherwise be willing to purchase if you were to buy full ownership. You receive virtually all of the benefits of full vacation home ownership for a portion of the price. In addition you become eligible for Sun Dale's other amenities including the Sun Dale beach club complete with a resort standard beach and swimming pool, endless walking trails, on demand boat delivery services and many family and sporting activities. If I intend to mortgage my fractional interest, how does it affect the other co-owners of my unit? A. It doesn't. Each owner has a separate deed to their fractional interest in the condominium unit which is a separate title under the land titles system. The personal financial situation of any one owner will have no effect on the property rights of the others. Can Owners leave their personal belongings at the Residence? A. Yes. Each residence provides storage rooms for owners to leave their personal items. How many fractional interests will be sold? A. The legal agreement registered on the property you purchase limits the number of fractional interests to four (4) per residence. . Who will own with me? A. While we have no way of knowing who the owners will be, history and research have shown that fractional ownership owners can generally afford whole ownership of a second home or already own one. They tend to be attracted to the fractional concept due to the shared responsibility for the property and of course the location. They may be young professionals with some restrictions on their time, retirees, or almost retired. When will construction of my residence commence? A. Construction of each fractional ownership residence is scheduled to commence when ¾ (three) fractional interests are sold in each property. Fractional owners waiting for completion of their unit will be provided access to all of the Sun Dale services and amenities from the time of purchase. What is provided in exchange for payment of annual assessments? A. The assessments cover the typical costs of maintenance, professional management, and operation of the residences, facilities, and amenities. These assessments provide funds for staff salaries, supplies, interior maintenance, exterior maintenance, landscaping, window washing, trash removal, legal and accounting fees, gas, utilities, insurance, TV, telephone service, internet service, and a reserve fund for future replacements of furniture and finishes. Other than management and staff services, these are all costs an owner of a whole property would have individually except these costs are shared by each of the fractional owners. Each owner will be responsible for paying his or her share of the annual expenses, regardless of his or her actual use of a residence each year. Ownership Options Can there be estate planning benefits in purchasing a fractional home? A. Yes. Owners of vacation homes sometimes find that they have inadvertently created difficult situations when passing ownership of vacation homes to their children or grandchildren. Conflicts sometimes arise between the new co-owners over finances, usage and responsibilities. Should we sell and take cash or hold for future generations? Who will get the use of it and when? Who will manage the finances and perform maintenance? Who is willing (or able) to pay for operating, maintenance and capital improvement costs? Many of these issues can be resolved through an independently managed fractional ownership property. For example, if a parent with three children purchases three fractional ownership shares, each child may be deeded a separate fractional interest in the recreational home. Each child is free to use, sell, mortgage, rent, or trade usage rights to their fractional unit as they please. All maintenance and management issues are handled professionally. This resolves many of the common conflicts that may arise in a family co-ownership situation and insures that the family tradition of retreats remain enjoyable for many generations to come. Can a corporation, partnership, trust, or limited liability company own a fractional interest? A. Yes. A corporation, partnership, trust or limited liability company can own a fractional interest in a residence. Is owning a fractional home at Sun Dale different than owning a timeshare? A. Yes. Timeshare owners usually share their property with a large group of people and are typically limited to one or two weeks per year. Fractional ownership at Sun Dale means you are part of an intimate, exclusive home owner group and community that allows you to make use of your luxury home up to 12 weeks per year and Sun Dale's incredible services all year round. The difference in value is also notable between timeshares and fractional ownership. Banks and mortgage companies do not look at timeshares as ownership of real estate, while ownership of a fractional share of a home is a real estate asset with the ability to appreciate in value. What fraction of a luxury Sun Dale home can I own? A. Every one of our luxury fractional ownership residences will be co-owned by a maximum of four owners. Each will own a one-quarter share. Residence Usage If I own one-quarter of a luxury unit at Sun dale, how often will I get to use it? A. The one-quarter share entitles each owner to 12 weeks' use of the property that rotates on an annual basis to ensure each owner has access to key holiday periods, as well as full time access to Sun Dale's resort standard services. The twelve guaranteed weeks are allocated on a rotational basis among home owners and owners can agree to swap times in their discretion. Do I get the same weeks each year? A. No. Each year your cycle will adjust by one rotation. Your sales representative can furnish you with a written schedule so you will know the exact weeks available for your personal use, even years in advance. What if my personal schedule won't match up with a particular week in my cycle? A. You are allowed to trade weeks with the other owners of your resort home or even other owners of other fractional ownership residences at Sun Dale. The management at Sun Dale will assist you in matching these trades. What if I choose not to use one or more of my weeks? A. You have many options. First, you may choose to leave it vacant that week. You may also allow personal friends or family to use your unit. You may also choose to trade that week for another week that better fits your schedule. You can even rent the unit for income as part of our rental program. Is there a rental program? A. Yes, if you choose not to use your allocated time in your resort home, you have the option of placing the unused time in a rental program managed by Sun Dale, or renting your accommodations privately. As the manager of the Sun Dale commercial facilities, Sun Dale handles the marketing, reservations, and housekeeping for the rental program. What are the advantages of owning at Sun Dale? A. Ownership at the Sun Dale Resort provides access to the great lifestyle and features of Sun Dale. Not only will you enjoy the benefits of owning a luxury vacation home for a fraction of the price, you will have year-round access to the special services and amenities of a world-class resort. A fractional ownership residence at Sun Dale is not an ordinary second home. It's an exquisitely appointed, handsomely furnished, maintenance-free retreat. And it's your pass to an exclusive lifestyle. What kind of amenities will I enjoy at Sun Dale? A. You will enjoy a resort standard beach and swimming pool facility, beach volley-ball facilities, endless walking trails that will allow you to walk in the trees and along the beach, beautiful views and vistas, our unique beach club facility with kayaks and canoes available plus many carefree living options for you to choose from. Who is developing Sun Dale? A. The company behind Saskatchewan's premiere recreational development is Sun Dale Recreation Ltd. Its principals have designed Sun Dale to incorporate care free living in a sustainable community with resort standard services. How do I find out more about Sun Dale? A. Please contact call us at (306) 359-0644 or email us at: This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
|