Ownership Overview
The fractional ownership concept at the Oasis Private Residence Club is a good idea because it provides all the beneifts of owning a luxury vacation home without the hassles and headaches of upkeep and management. As an owner, you receive a 1/12 undivided, deeded interest that is backed by a title insurance policy. This translates to 4 weeks of use per year.
Like any real estate ownership, your ownership can be sold, willed, transfered or placed in a trust. This is not like a timeshare, where you only have the right to use the property via a lease that reverts back to the devloper over time. This is ownership where you can take advantage of real estate appreciation over time.
What other costs are involved?
As an owner, you are responsible for your share of the property taxes, utilities, insurance, housekeeping, supplies, as well as an annual upkeep deposit for yearly maintanence.
Can more than one family or individual share ownership?
Yes. Individuals can form a partnership to control ownership or hold the title as tenants in-common. It will be up to these individuals to allocate time spent at the property for that ownership in compliance with the club's policies. Because the ownership is evidenced by a real estate deed, corporations may also hold a fractional ownership.
How do I book my time?
Each owner books one week per year in a sequential order lottery (i.e. 1 through 12, then 12 through 1) which is repeated until each owner has selected 4 weeks. When a person prefers two or more consecutive weeks, it is their responsibility to trade with the other owners to their satisfaction.
