Frequently Asked Questions

Is co-ownership for me?

This type of vacation real estate ownership is ideal if you want the benefits of owning a second home complete with management services, located in an exclusive community. It may be difficult to justify whole ownership in such a community because of projected limited use. Most co-owners are frequent visitors to the resort areas, and want something they can call "their own" with friends and family members. These buyers are not looking to be sold vacation time, but instead want an upscale vacation property without the responsibilities and costs associated with whole ownership. Buyers of co-ownership are generally the very same people who would own the whole home if co-ownership was not available. In fact, many owners have previously solely owned a a vacation home before discovering co-ownership. Co-ownership is a lifestyle choice - an affordable and sensible way to purchase vacation property, providing all of the benefits of property ownership.

How is ownership different than timeshare ownership?

The difference between most timeshares and co-ownership is the extent of ownership. Co-ownership is a deeded and titled property with title insurance. Co-ownership can be mortgaged, sold, rented, or even willed to a friend or family member. Co-ownership is real property ownership that follows the appreciation rates in the real estate market. Time shares are for a fixed period of time and decrease in value each year.

Why should I purchase co-ownership?

Despite the best intentions, many people recognize that they are just not able to use their vacation homes as much as they would like. With co-ownership, you are able to match your investment with the time you can actually use your vacation home. You won't waste your money paying for a vacation home that sits empty for hundreds of days each year.

How often can I use the townhome?

You will receive 5 weeks of vacation time for every 1/10th share. You have 3 weeks of planned vacation and 2 weeks of flexible vacation time. Schedules for planned vacations are published years in advance based on the "priority letter" you receive at purchase. Flexible vacation time allows you to be in any unit not being used at that time.

Can I rent my weeks?

Yes, you can rent your vacation weeks

Once I own my property, can I swap dates with another owner?

Absolutely. Swapping dates and combining weeks can be done at the discretion of the owner.

How is the home furnished?

The townhome is fully furnished with furniture, fixtures, linens, appliances and kitchen utensils. Professionally decorated interiors will also feature luxurious details and electronics to make your stay more enjoyable.

Is the property non-smoking?

For the comfort of all owners, and maintaining the condition of the property, smoking is not permitted within any area of the home.

Are pets allowed at the property?

A percentage of the townhomes at MainSail will be pet-friendly.

Who is responsible for housekeeping and maintenance?

All the housekeeping and maintenance upkeep is provided for the owners. When you arrive, the home is clean and ready to use. When your vacation week is complete, you will have the ability to leave personal items behind in your locked storage area. It is as simple as that - housekeeping takes care of the rest. Maid service at the end of your stay is included in your HOA dues. All townhome maintenance and upkeep charges are also covered by HOA dues.

How are operating costs paid?

All costs to operate the townhomes are paid for with the funds in the Home Owners Association. the costs for your townhome are equally divided between the ten owners. This reduces the financial burden of owning the property on your own.

How is my mortgage payment made?

Just exactly like any mortgage payment. Remember your share and your mortgage are individual to you and have nothing to do with the property owner or any other shareholder.

Do I have the same tax considerations with co-ownership as with purchasing the entire property exclusively?

Co-ownership is the same as ownership of any other real estate, wherein you enjoy potential appreciation, depreciation, interest and expense deductions. At your discretion, you may sell your share of the property, gift it, or leave it to someone in your will. Your tax advisor will be able to provide specific details and advise what your individual tax circumstances may offer.

Who is responsible if an owner damages the property?

Other than normal wear and tear that is covered by your homeowners dues, each owner is responsible for immediate repair or replacement of any damaged item incurred during their weeks of use.

What happens if one of the owners in my townhome defaults on their loan?

Each 1/10 share stands on its own. Another party's default would not affect your ownership at all. Defaulted shares would be owned and sold by the institution holding the loan.

Can I buy more than one share?

Yes, you may purchase more shares to allow you and your family more frequent use of the property. You can also buy additional interests as they become available in the future from your fellow co-owners, or you may sell you co-ownership interest to another owner, or any third party.

What is the economic difference between whole ownership and co-ownership?

Co-ownership allows you to afford a much more luxurious, elegant and larger vacation property. All the expenses are divided amongst all the owners dropping the cost of ownership substantially. With co-ownership, you are only paying for the time you use.

How do close friends or family benefit from the structure of this type of co-ownership?

People and circumstances change in unforeseeable ways, and new people can come into a co-ownership group at any time as a result of death or other unexpected events. When these changes occur, even the best of friends, the closest of families and the most agreeable and easy-going people in the world can disagree. The purpose of an agreement spelling out all the rules of co-ownership resolve these conflicts quickly without ruining the personal relationship of the group members.