Most of my fractional ownership properties are located in the south of France in the Languedoc area just north of Spain. Moulin A Vent and Maison Bleue are located in the village of Quarante, in the department of LíHerault, in the wine region of Southwest France. Crazy for Cruzy is located in the neighboring village of Cruzy, only 5 km from Quarante. Both are a 45 minute drive East of Carcassonne, 15 minutes from Beziers and an hour West of Montpelier.
Our newest home share is on the Pacific coast of Mexico, just north of Manzanillo, and southwest of Guadalajara in the state of Colima. Resplendid with sandy beaches, palm trees and year round temperate climate, daily flights to Manzanillo and to Guadalajara make this destination affordable and easy to enjoy.
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 January. #1 and #2 would have their choice preference before you for that summer season. Your number would move up to #2 for the next High 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 between 400-600 euros/year 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 email@example.com call 585 905-0849 (Eastern Standard Time, USA).