Following are some answers to frequently asked questions about Ownership as a Fractional Partner.

Please feel free to contact us or call 612 810-100

Why was the program developed?

Due to the demand for luxury residences in a highly desired destination and increasing awareness of the many advantages of fractional or partnership ownership we decided to allocate a portion of our portfolio to this growing industry.  The program has been professionally structured ensuring all of the owners’ best interests. Fractional Ownership will allow the partner-owners to enjoy all the benefits of ownership at 16% proportionate cost as one of six (6) owners or 1/6th share.

How is ownership of the residence conveyed?

The residence will be owned by the Costa Rica Corporation. Each of the five owners will own 16.6% of the Costa Rica Corporation. The Costa Rica Corporation will have a deed for the residents, which is recorded and guaranteed by a title company. Each member will own an equal one fifth undivided interest in the home.

When can owners use their six weeks?

Owners will be provided with a five (5) year calendar detailing their reserved allocation of six weeks, year by year, for each owner. Plus, an additional nine weeks a year will be available to owners on a per week reservation basis.  The owner must call the management company to reserve one of these nine “open reservations” weeks.

Will the owners have the same time schedule year after year?

No, the owner’s calendar rotates two weeks backward each year. You may click here to go to the Owners use/Occupancy schedule.

Who takes care of the daily maintenance required on the property?

A management company will watch over the property with its own representative, who will award grounds and pool maintenance contracts to local contractors. The management company will be responsible for 100% of the upkeep required to keep the property in excellent condition.

Can family members or business associates of the owner use some of the owner’s time?

Yes, however the owner is fully responsible for the property during their stay.

Can an owner purchase a share with other family members or friends?

Yes, More than one family or individual may share an interest.

Can the owner rent the property out if they wish for a couple of weeks of their time?

No, In order to maintain the integrity of the property and the security of the home, all rentals will be handled by the management company.

Is smoking allowed?

No, Smoking is not permitted inside the house.

Are pets allowed?

Yes, but each owner is fully responsible and liable for their pets. This includes injury, damage, repair and any specialized cleaning reported by the management company.

Storage of personal items allowed?

Yes, a set of personal storage containers will be provided for owners to keep their personal items.  These containers will be sealed, and stored in a secured, insured off-site storage facility and will be delivered to the residence prior to your arrival.

How many guests can stay at one time?

There is a maximum occupancy limit of six adults.

Can I exchange my time with another owner’s scheduled time?

Yes, A notification of the change will need to be filed with the management company.

Can I purchase more than one share?

Yes, Please see your real estate representative for details.

Can my ownership share be sold?

Yes, Like all real estate, ownership shares can be sold, willed or transferred by the owner, subject to the original conditions of the purchase and sale contract.  However, there is an automatic five (5)-year exit program for the owners.

What happens after the 5th full year of usage by the owners?

After the fifth year of ownership, the property will be listed for sale, according to the pre-agreed upon terms in the Contract of Purchase, signed by the owners at the contract signing for the purchase of their share.  All five (5) share owners may decide to extend ownership of the property for one (1) year however the decision must be unanimous.  This guarantees the owners a simultaneous exit from their ownership role in the property.

How are the proceeds from the sale divided?

The six (6) owners will receive 16.6% each of the proceeds from the sale after closing costs are paid.

Who will be responsible for the sale process of the property?

The management company will be solely responsible to represent the owners’ interest during the selling process to maximize the sale price. The management company will get two (2) appraisals and then award the listing to an established, reputable area broker. The selected broker will use a process of comparable sales and aggressive marketing to maximize the sale price for the property.  The Costa Rica Corporation will also advance all expenses during the sale process, until the house is sold and closed.  Expenses advanced by the Costa Rica Corporation will be reimbursed at the closing.

Is there financing available to purchase a share?

Yes, financing for 50% of unit price will be permitted to each owner.  Each owner will be responsible for his or her mortgage. Please ask your real estate representative for details about preferred financing.