Frequently Asked Questions

WHAT IS SHARED OWNERSHIP?
Shared Ownership, or fractional ownership, is designed so that each owner receives an undivided deeded interest in a specific condominium residence. The owner then pays an annual maintenance fee and annual real estate taxes based on his or her ownership. It is the perfect fit for potential buyers who understand the economic advantages of owning vacation home property while paying only a fraction of the startup and recurring costs.

WHY SHOULD I PURCHASE A SHARED OWNERSHIP INTEREST?
Most people recognize that spending more time than four or five weeks a year at the vacation home is impractical. With shared ownership, you get the quality and level of luxury you want and only pay for the time you actually plan to visit the residence. You never have to be concerned with finding renters nor have to worry about maintenance.

HOW DOES IT WORK?
Shared Ownership is similar to any other real estate purchase, except you are only purchasing a “fraction” of the property instead of the whole property. Fractional shares vary, but the most common are quarter shares where you can use the property one week out of every month, sharing the property through an on-site rental management company, exchange it with others, resell it through a broker, and even pass it down through generations in your family. Under this unique form of ownership, each owner has a registered deed or title to a one-quarter interest in the condominium.

WHAT ARE THE BENEFITS OF SHARED OWNERSHIP?
One of the main reasons people purchase fractionals or shared ownership, even when they can afford the entire purchase, is that the expense and responsibility is substantially reduced. This make the second home truly a vacation, as you can simply go there and know everything is in order. It's carefree, flexible, and most importantly, affordable! Furthermore, it provides more luxury, more amenities, more services and does not tie up one's capital allowing ownership of multiple second homes worldwide at a fraction of the cost.

HOW IS SHARED OWNERSHIP DIFFERENT THAN TIMESHARE OWNERSHIP?
Shared Ownership properties are typically located in world renowned resort locations where prime real estate is coveted and in extremely short supply. The residences are characteristically far more luxurious than timeshare accommodations and offer a significantly higher level of personal services, exclusivity and sophistication. Deeded shared ownership is evaluated as a highly desirable alternative to whole ownership by the savvy purchaser who enjoys that specific location and would like to take advantage of the flexibility of using the residence and resort as their needs dictate. Letting family or business associates enjoy the additional time or take advantage of the rental management option are attractive alternatives to the owner’s personal use.

ARE THERE ANY DIFFERENCES BETWEEN SHARED OWNERSHIP RESIDENCE OWNERS AND WHOLE RESIDENCE OWNERS?
No, other than the shared ownership owner has specific deeded ownership use rights during rotating times throughout the year. Each owner has full access to every feature and amenity Dunes Village Resort has to offer when they are in residence.

CAN SHARED OWNERSHIP OWNERS RENT THEIR UNUSED TIME?
Yes, the opportunity exists for residences to be rented through the in-house rental management company or on their own. Additionally, their unused allocated ownership time can be gifted to friends, family or business associates.

HOW DO SHARED OWNERSHIP OWNERS RESERVE THE USE OF THEIR RESIDENCE?
To avoid the uncertainty of a first-come, first-serve reservation process, owners will be provided with a calendar detailing their reserved allocation for several years in advance. Any of the allocated time they choose not to occupy can be entered into the rental program.

WILL SHARED OWNERSHIP OWNERS ALWAYS STAY IN THE SAME RESIDENCE?
Yes, the owner will stay in the residence in which they have a deeded interest during their weeks of occupancy as identified by the rotation calendar.

WILL FINANCING BE AVAILABLE FOR PURCHASE OF A SHARED OWNERSHIP INTEREST?
Yes, purchasers will be provided with the option to finance their interest similar to financing the purchase of a whole ownership residence. The terms and underwriting for this financing option will be made available at the time of entering into a purchase agreement.

MUST I PLACE MY CONDOMINIUM IN A RENTAL PROGRAM?
No, an owner is not required to rent his or her condominium at all. However, Dunes Village Resort will have a comprehensive program for rentals if an owner chooses to do so.

CAN OWNERS EXCHANGE USE OF THEIR RESIDENCE FOR USE OF OTHER VACATION HOMES?
Yes, owners have the option of participating in a Quality Global Vacation Exchange Network with Interval International that allows them to trade use of their residence for use with other like kind properties at over 2,200 destinations worldwide.

WHO COORDINATES RESERVATIONS, CHECK-IN/CHECK/OUT AND OWNER SERVICES FOR DUNES VILLAGE?
A Dunes Village Property Manager/Owner Services Coordinator oversees check-in/check/out and offers a variety of in-house services such as reserving tee times, dinner reservations, babysitting, show tickets, etc.

DO PROPERTY OWNERS PAY FEES OR DUES?
Yes, all property owners will pay quarterly dues to the Dunes Village Property Owners Association. These dues pay for all maintenance and upkeep of your individual property, insurance, utilities, housekeeping services, property management and a replacement reserve fund to cover upkeep of exteriors, interiors and replacement of furnishings.

WHO ESTABLISHES THE HOME OWNER ASSOCIATION FEES AND CONTROLS THE DUNES VILLAGE PROPERTY OWNER'S ASSOCIATION?
As interests are sold in the Owners's Club, control of the Dunes Village Homeowners Association will be passed incrementally from the developer to a board of directors fully elected by property owners that will establish budgets and association fees on an annual basis.