using your co-ownership property FAQs
Yes, of course, each co-owner has a secure personal locker (the size of the storage varies depending on the property). Some properties also have a shared storage space for large objects (bikes, sports equipment, prams, etc.). When this is complicated, this will be stored at the home manager offices but usually it is on the property premises.
Most co-ownership companies hold a deposit equivalent to 12 months (one year) of service charges from each owner to protect the other co-owners from another co-owner defaulting on his financial obligations. If not resolved within 90 days on average, legal action is started and eventually, the share is sold without any disruption to the other co-owners.
The owners of the parts of the property can choose to change the house management whenever they wish. It is their home, they decide.
Every share owned holds a vote. Owners can bring major issues about their home or upgrades to a vote of the group (e.g., a decision to upgrade the sound system or install a jacuzzi). To call for a vote, you just need to let your Home Manager know.
Yes of course, after registering them with the property manager, your family and friends can stay in your home even if you are not present, just like in any second home. Usually the only condition is that a person over 18 is present in the home.
Yes home insurance is included in your annual fee, as well as regular management of the house.
You will be protected and will not have any responsibility for any payment issues. The home manager will
be responsible for any home financing aspects and will resolve payment disputes with the specific owner. Most of the time, there is a 12-month deposit equivalent to the service charge eligible each month so if one of the owners misses one or two monthly fees, it will be taken from that fund. Also, with most of our fractional properties, you can let the property to generate income and offset the montly fees.
Of course, you can bring your pet with you whenever you wish. Usually only dogs are allowed though. With some properties, where all the owners decide not to allow pets, pets will not be permitted but this is rare.