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How does fractional ownership differ from timeshare?
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While there is nothing wrong with timeshare, there are several differences between the two. A typical timeshare has 52 owners per unit usually in very large complexes of 300 units or more, and they certainly are not of the same luxury and quality as those at Bella Sirena. Fractional ownership has a significantly lower number of owners per unit. In addition, a fractional ownership interest at Bella Sirena will be conveyed by a deed and provide all the benefits of ownership, such as property appreciation. |
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How is ownership of my residence evidenced?
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A law passed in 1993 that permits foreigners to acquire Mexican coastal property through a bank trust (known in Mexico as a Fideicomiso), which is the legal substitute of Fee Simple Deeded ownership. As a beneficiary of the trust you have the right to use, sell, and transfer or will your ownership. Thousands of Americans have invested millions of dollars in coastal Mexican properties. Title insurance is available from two of the most reputable title companies in the U.S., First American Title and Stewart Title. |
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Why was the fractional concept created?
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Fractional real estate is one of the fastest growing segments in the Real Estate industry today. It provides the opportunities and benefits of owning a second home (for only the amount of time you will use it) without the hassles typically associated with this kind of purchase. Designer furnishings, owner storage, gourmet kitchens, wine cellars, high-speed Internet and interior water features are just some of the appointments in a Bella Sirena residence. Owner services such as housekeeping and pre-arrival services will ensure your home is ready whenever you want to enjoy it, all at a fraction of the cost of whole ownership. |
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Are there other shared ownership projects around the world?
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Absolutely. Fractional ownership exists in virtually every luxury resort community. Places like Aspen, Lake Tahoe, Miami, Vail, Puerto Vallarta, and many others have become well known for their fractional programs. Even the leading luxury hotel brands such as St. Regis, Ritz Carlton and Four Seasons have fractional products. Bella Sirena is the only shared ownership of this type currently being offered in Puerto Peñasco. |
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Can I exchange my time at Bella Sirena to go to other resorts? |
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Absolutely! Using your Platinum Concierge service, Bella Sirena owners will have the opportunity to take a ski vacation in locations such as Vail, Park City, Kellogg, Idaho and Lake Tahoe, or other sun and fun destinations such as Hawaii, Cabo San Lucas and Puerto Vallarta. All of the affiliated projects are inspected to insure they meet the highest standards of luxury and quality. |
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How often can I use my residence?
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Ownership provides four types of use:
- Guaranteed Use:
The seven-day period of use each year in the residence you selected at the time of purchase. No reservation is necessary.
- Flexible Use:
Owners may select two additional reservation periods for up to seven days each in the residence you selected at time of purchase. Flexible Use requests are assigned on a rotating priority basis to ensure all owners have equal and equitable use of their residence.
- Spontaneous Use:
You may reserve seven day periods for Spontaneous stays with a 45-day minimum notice. You may have only one Spontaneous Use reservation booked at any given time. Once used, you may book another Spontaneous Use reservation. Every effort will be made to reserve your residence.
- Short Notice Use:
Reservation schedule permitting, you may reserve an additional seven-day period in your residence with a seven day or less notice. A ‘Preferred Rental Rate’ will be charged for the duration of Short Notice Uses.
This unique Use Plan was created to allow owners maximum use of their residence. With only eight owners and three pre-reserved weeks, more than 50% of the year is available for Spontaneous Use. The Fractional Share Ownership Real Estate Program at Bella Sirena was created for the Puerto Peñasco enthusiast… you! |
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Can I sell my Fractional Share?
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Yes. Like any other form of real estate you may sell it yourself or use a real estate brokerage firm to list and sell your ownership interest. However, in order to keep the Bella Sirena Fractional Ownership Program owner/user based rather than available to investors/speculators, there is a nine month restriction on the transfer of your ownership interest from the time you purchase or when all of the Bella Sirena fractionals have been sold, whichever comes first. |
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How many Fractional Shares will be sold?
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There are eleven residences available with eight owners in each residence. When fully subscribed, there will be 88 Fractional Owners. With only eleven residences available, this offer truly is limited. |
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Can I let others use my residence?
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Yes, but there are restrictions on guests and invitees per ‘The Rules and Regulations Guide’. This Guide is available through the Bella Sirena Fractional Sales Office, in Puerto Peñasco. |
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Are there ownership fees?
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Yes. As is typical in condominium ownership, owners pay annual assessments to cover maintenance, professional management, utilities, property taxes, and reserves for replacement of furnishings, etc. This ensures that your residence will always be fully furnished and well maintained to the standards you would expect. |
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Who establishes the assessments and controls the affairs of the owners? |
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An owner elected board of trustees will establish the budget and assessments on an annual basis. |
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