Fractional Ownership Frequently Asked Questions

• What are the benefits of being an owner?
  Owners have a deeded real estate interest and experience all the joys and rewards of owning a million dollar-plus vacation property. Like other forms of real estate ownership, an owner's fee simple undivided deeded interest can be sold or transferred by the owner, or sold by a licensed real estate agent at any time. And, ownership is at a fraction of the cost allowing many buyers to own a property far more desirable than they would have been able to purchase as a single owner.
  
  Additionally, owners have the ability to vacation in a growing collection of luxury residences, located in the most desirable destinations, with privileged access to top-of-the-line amenities.
  
  And while at any of the properties, our owners are free from all the usual hassles of ownership. From maintenance to reservations to transportation assistance, Paradigm Resorts does all of the work so that our owners are free to vacation.
  
• How is title held?
  Title is held as an individual interest in Tenancy-in-Common. You receive a grant deed to the property in fee simple title.
  
• What is the Tenancy-in-Common agreement?
  This is the legal agreement between the Owners that describes all the conditions of the joint ownership. The agreement incorporates the use provisions and defines the rights and obligations of the owners.
  
• Can an ownership interest be held in a corporation, trust or other legal entity?
  Yes. The corporation, trust or other legal entity will identify one person to be the "designated owner" who is responsible for vacation reservation requests.
  
• Who has ownership privileges?
  Ownership privileges extend to the spouse of the Owner, their children and to direct family members (i.e. grandparents and grandchildren).
  
• How many owners are at each property?
  The number of ownership interests will be pre-determined for each property. Typically, the number of parties will be between four and eight.
  
• How often can I use my property?
  There are three different ways owners can use their property. The reservation system is designed so that owners can make multiple reservations well in advance (Planned Vacations), additional vacation reservations using unallocated time (Space Available Vacations) and last minute reservations (Short Notice Vacations). In addition, if other owners are using the property less, other owners can visit more often at no additional charge.
  
• How are reservations made?
  Owners request their Planned Vacations reservations through  online reservations system and confirmations are made. The remaining vacation time is then available for Space Available Vacations and Short Notice Vacations reservations.
  
• When I sell, who sets the price and terms?
  You do. You do not have to have any involvement of the other owners.
  
• Do I have access to resort-like amenities (spa, golf, fitness centers, beach clubs, etc.)?
  Spa, fitness, golf, ski, and/or beach amenities are available at nearly every property. Where available, owners have privileges at golf, sporting and beach clubs.
  
• Is storage available?
  Long-term storage will typically be available for owners. Sporting equipment, clothing, and other personal items can be securely stored at the property.
  
• Is this considered a timeshare?
  No. Timesharing typically provides for a right of usage via a Lease that extends out 29 or 31 years and then reverts back to the Developer. Timeshare is characterized by owners leasing the right to use a specific unit for a specific week.
  
  In contrast, this is  real estate deed that is guaranteed by a Title Insurance Policy. The Deed you receive is the same as if you bought any other piece of property in the country and therefore affords you the ability to sell it when you want, how you want and/or pass it on to your children and future generations.
  
• How is an ownership interest different than membership in a destination club?
  Club memberships are not real estate interests. This is a deeded real estate interest in a specific vacation property, which can be sold at any time at the discretion of the owner and with the realtor of their choice. Club memberships, on the other hand, typically place resigning members on a waiting-list and resell the membership at a sizable guaranteed loss.
  
• What happens if there is greater demand for a particular date than availability?
  There is a rotating priority system to resolve any conflicts when there is more than one reservation request for a certain time period. This system has been successfully used for many years to equitably confirm reservation requests.
  
• What services are provided?
  Owners are provided with pre-arrival grocery shopping service, housekeeping services, and transportation assistance in addition to all property management services.