 |
| Mexico |
|
What is attractive about purchasing property in these areas?
The
Languedoc region is rapidly growing in popularity but still has
affordable property unlike some of the neighboring departments. It is a
region rich in history, and with spectacular terrain and vistas. With
over 300 sunny days per year, you can enjoy the essence of French
living; a morning at the Lesignon market, an afternoon stroll along the
Canal du Midi and a dip in the Mediterranean after the evening meal
Colima Mexico has a reputation for gorgeous and somewhat exclusive resorts while remaining more affordable than the better known Mexican tourist destinations like Acapulco or Puerta Vallarta. While gaining in popularity, Manzanillo still retains much of its authenticity with fresh fruit and taqueria stands, the lovely slow pace of "manana" and a coastline offering every variety of water fun- snorkeling, surfing, fishing, boating, and sunbathing.
What is a property share and how do I become a part of it?
Like
many other vacationers, we found it impractical and expensive
to own and maintain a house we generally used for a month or so each
year. This is a unique opportunity to purchase deeded property/real
estate without a large outlay of capital. As one of only 9-13 members
(shareholders) of our LLC's, you literally own a share of the
limited liability company, which owns and manages the property. Unlike
a lease back plan, our home shares are typically older homes ( or
barges) of character and charm and the shares are easy to transfer or
resell as defined in the LLC operating agreement.
Why do we use an US Limited Liability Company?
When
we first envisioned the creation a home share in 1998, we sought legal
advice in order to be governed by US inheritance laws instead of the
rather restrictive French system. Our LLC home shares are member-formed
companies which allow the shareholders to own and manage real estate in
accordance with the conditions of the Operating Agreement. We have
members from the US, Canada, the UK, Denmark and Australia.
What is an Operating Agreement?
The
Operating Agreement sets out the rights, obligations and duties
regarding the LLC and its assets and liabilities. An agreement
typically includes: Definitions, Formation, Members and Membership
Interests, Management, Budgets and Accounts, Meetings, Member Use
Rights, Accounting and Records, Transfer of Interest, Distributions,
Withdrawal and Dissolution, Indemnification, and Amendments.
How does each shareholder reserve time at the house?
This
varies from home share to home share. In France we typically use an
on-line calendar to book time equitably for the shareholders. At the
first annual meeting, each shareholder draws a number from 1-13, which
becomes their first lottery pick. The year is divided into a high
season (May-October) and a low season (November-April). If you were #3,
for example, you would submit your first choice of a 3-week high season
to the manager by the 1st of February. #1 and #2 would have their
choice preference before you for that summer season. Your number
rotates up to #2 for the Low season and to #1 for the following high
season.
What annual expenses might I expect as an LLC shareholder?
Expenses
will include homeowners insurance, taxe d’habitation (property taxes),
and routine utilities and maintenance. These costs are estimated to be
$US 75-150 per month per shareholder. The beauty of a home share is
that all house costs are divided by the number of shares in the L.L.C.
How do I reserve a share?
Some
buyers choose to visit the property prior to purchase and others who
are more distant, may wish to preview our CD of the house and the
region without a visit. All members must sign our operating agreement
which states your rights and obligations as a member.
When
you have decided to buy a share, instructions on how to transfer funds
to the LLC escrow account will be sent to you upon your request.
For ownership details, please contact Ginny Blackwell at fpshares@gmail.com or call 585 905-0849 (Eastern Standard Time, USA).
About International Property Shares
|
