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Co-Ownership

FREQUENTLY ASKED QUESTIONS

We have assembled some of the questions we have gathered from other interested Crystal Sands clients and yet we understand that there may be questions you have that are not included in these FAQ's so please contact us with your question and we will respond without taking up much of your time.

What are the advantages of Co-Ownership?
By owning a Co-Ownership interest in a unit at Crystal Sands you can enjoy all of the benefits of owning a beautiful appointed residence with an impeccable location and amenities within budget and pay only for the time you have available to use it. Keep in mind that ownership at Crystal Sands is a valuable real estate asset that can be resold or transferred much easier than other types of shared ownership such as Timeshare, Destination Clubs, or Private Residence Clubs.

Is Co-Ownership at Crystal Sands a deeded interest in real estate?
Yes, like Whole Ownership each owner will own an undivided, deeded, fee simple interest in a specific unit and recorded in the Costa Rican National Registry. A Co-Ownership interest is like Whole Ownership and can be sold, willed, placed in trust, or owned by an entity.

Is Co-Ownership like Timeshare?
No, Co-Ownership is like Whole Ownership. Think of Co-Ownership similar to ownership in a condominium building where you own a unit in the condominium building and Bylaws monitor the use of the unit. The only variation of Co-Ownership is that all the owners agree in advance as to the time they use the unit.

Is Co-Ownership legal in Costa Rica?
Yes, the Co-Ownership structure at Crystal Sands is allowed under Costa Rican laws whereby each Co-Owner holds fee simple tile to an ownership right in the undivided unit and that ownership right is recorded in the Costa Rican National Registry.

Can a limited liability company formed in the U. S. own a Co-Ownership Interest?
Yes, a U. S. entity or individual can own a Co-Ownership Interest or several Co-Ownership Interests of the Crystal Sands unit.

Can I organize my own group which would own the entire unit by Co-Ownership Interests?
Yes, you can purchase multiple Co-Ownership Interests or form your own group.

How is use of a 1/8th Co-Ownership interest determined?
Each 1/8th Co-Ownership interest has the right to six weeks of scheduled time and additional days as time is available based on the Usage Plan.

How does the Usage Plan work?
The use of the unit is controlled by the Crystal Sands "Usage Plan" software and done in three ways:

  1. "Planned Time" where prior to the beginning of the year owners select two one-week periods in order of when they purchased (in subsequent years the order rotates). Once each owner has chosen their first two weeks then each owner chooses two additional weeks but this time in reverse order with the owner that chose last getting to choose first.
  2. "Space Available" where each owners remaining two weeks are placed in pool which are available to all on a first come first serve basis beginning with January 1st each year.
  3. "Short Notice" time is the time that is going unused within 14 days where you may take any number of days.

What if I can not use by scheduled time?
You may exchange weeks with another Co-Owner, allow family or friends to use your scheduled time, or rent your time using the manager/management company.

Is it possible to exchange my time for another well located property?
Yes, just like in Whole Ownership you can use your scheduled time to vacation at other locations around the world using various web sites designed for this specific purpose.

Can family and friends use my Unit?
Yes, owners may invite guests on an accompanied or unaccompanied basis subject to all rules and regulations and reservation policies.

Will I always stay in the same unit on my visit?
Yes, you own 1/8th of your own Crystal Sands unit.

Can I leave my personal property in the unit?
Yes, there are storage areas for personal property.

How is the Co-Ownership interest managed?
Like in a condominium where the Bylaws define the rights of the units Co-Ownership documents define the right of each Co-Owner's rights and responsibilities. By agreement each Co-Owner agrees in advance to be bound by these rules and regulations and like in a condominium a Manager is appointed to enforce these agreements.

How does Co-Ownership deal with the Condominium Association?
Crystal Sands has a condominium association that operates the 20 units in harmony. The Co-Owners are as one are members of the condominium association and is bound by its bylaws and all rules and regulations and pays dues into the condominium association as a whole unit.

Who is the Manager for the Unit?
Crystal Sands has hired The Summerland Group to Manager the Unit for the Co-Owners as well as the Condominium Association. Summerland has extensive management and leasing experience. Contracts for Manger services in the future are a function of the control by the Co-Owners.

What are the Ownership Costs for a 1/8th Fractional Unit?
The costs of ownership for the Co-Owner includes condominium dues and all costs of the unit such as power, cable, internet, taxes, and other costs of ownership just like those you pay for whole ownership but in the case of Co-Ownership you share the ownership costs with seven other Co-Owners.

How is furniture, window coverings, and décor replaced and when?
The furniture, window coverings, and décor items are included in the purchase price. There is a reserve built into the Co-Ownership Cost Budget what will replace items as needed. The control of this and other budgeted items is controlled by a vote of the Co-Owners.