Each deed is held by a Home Owners Association (HOA), which is a US Non-Profit Corporation. Each owner holds their interest through the HOA.
Fractional France's management company provides ongoing maintenance and property management; aggregating and managing monthly owner expenses and taxes (both in France and the US); overseeing the HOA and resolving any disputes.
Operating expenses are passed through at cost, and are always available for owners to review, upon request. We will only increase operating expenses if there are any real changes (e.g., an increase in insurance rates, utility bills, etc.).
Monthly fees are based on a budget that the HOA is presented with at each yearly general meeting. The budget is adjusted each year, based on estimated costs for the year. Accordingly, it can go up, or down.
Material changes require an ownership vote. Fractional France has limited authority to make non-material changes on behalf of the owners.
Reserve funds are held in each individual home's HOA bank account and are managed by Fractional France. Funds are strictly used for repairs and maintenance, and the rare occasion when an owner is late in paying his/her dues. When a major repair is needed, Fractional France will call for special assessments to this effect.
Every owner holds a vote. Owners can propose major issues to a vote (e.g., a decision to change a sofa, for example).
In the event of an owner default, Fractional France will step in to resolve the issue. If the issue is not resolved within 90 days, we will foreclose on that specific share and manage the resale without any disruption to the ownership group.
Legal expenses are passed through to the owners. Each home has its own homeowners' liability insurance policy to cover such events.
If owners decide that Fractional France is no longer providing adequate service, owners can vote to replace Fractional France with another manager of their choice, or self-manage the property.
No, owners may sell at any time after 12 months of ownership.
These involve minor repairs to keep the home in top condition, including ongoing maintenance like replacing a broken dishwasher.
Owners are not responsible for items that have a limited life span and that eventually need repair or replacement, like a dishwasher; those are paid for by the HOA reserve fund. However, each owner is responsible for replacing or repairing items damaged as a result of their actions, such as a broken window.
No, this is not permitted.
Fractional France's management company is responsible for paying local property taxes. Funds for French taxes are included in the owner's operating expenses. Each owner is responsible for their capital gains tax when selling their share.