Frequently Asked Questions
What is Co-Ownership?
Co-Ownership is shared ownership of a vacation home. Five families co-own a single-family home; ten families own a duplex or two-family home.
Is Co-Ownership Traditional Time Sharing?
No. Traditional time-sharing generally involves the purchase and use of a particular set time period each year, whereas Co-Ownership is a regular particular set time period each year, whereas Co-Ownership is a regular deeded and title insured real estate purchase involving several families. You own 100% of the entire property, including the land and buildings.
How much time do we have each year and who get the summer time?
Each owner is entitled to ten weeks every year and those weeks are spread throughout all the seasons of the year. The schedule guarantees that each family receives at least two consecutive weeks in the summer. Summer weeks, June 15 – Labor Day are Saturday to Saturday. The remaining weeks are Monday to Monday.
Who makes the decisions regarding the property?
You, the property owners! Each property is a non-profit New Jersey corporation which follows set legal documents i.e: by-laws, etc. This homeowner association is governed by a Board of Directors and a President, who are elected each year by the property owners. Each owner has an equal voting share, and together they make the decisions.
Who takes care of the property?
Interval Management Corporation was established specifically for the purpose of providing full-time professional property management for all of its properties. This service includes:
Management of cleaning between use periods
Management of general maintenance and repairs
Collection and disbursement of association funds to pay all the association’s bills, including taxes, insurances, water, sewer, electric, gas, cable, and wi-fi
Can we rent our time for additional income?
Yes! You may rent your time, give it to friends or family and, hopefully, spend many relaxing weeks or weekends yourself.