FREQUENTLY ASKED QUESTIONS

Frequently Asked Questions

How is ownership at The Residences at Marina Cay evidenced?

Your ownership in The Residences at Marina Cay is evidenced by a recorded fee simple deed showing a one-eighth ownership interest in either a two- or three-bedroom residence. This interest can be placed in trust, sold or willed to other individuals like any fee simple real estate.

Is it a timeshare development?

No. Timeshare is typically the ownership of a specific week and, in many cases, timeshares do not offer a deeded interest in real estate. With only 8 owners per residence at Marina Cay, vacation use is abundant and flexible and is more like second home real estate than timeshare.

Why was the fractional ownership concept developed?

Fractional ownership provides the unique opportunity to match your real estate purchase with your expected use of a luxury second home. More and more, savvy buyers are realizing that it does not make sound economic sense to tie up large amounts of capital for the purchase and maintenance of an asset that will only see limited use. Another key feature of fractional ownership is that owners receive more convenience, services and amenities than are normally provided by an equally luxurious vacation home. The fractional concept at The Residences was created to provide owners with generous and flexible use, remove the maintenance worries typically associated with vacation home ownership, and significantly reduce the financial burden through shared ownership of the residences and club facilities.

How often can owners use The Residences?

The best thing about the use plan at The Residences is that it is entirely simple and fair. Each owner is assigned six weeks of each year as evidenced on a "Use Calendar". You always know in advance which dates are yours. Every year the weeks rotate and each owner receives equal share of holidays, etc.

Who gets Christmas?

You do! Every Owner gets Christmas, New Years, and all the rest of the Holidays because your use times change each year in a regular progression of the Calendar.

As an owner at The Residences at Marina Cay, can I exchange my time to access other similar properties around the world?

Yes. Owners at The Residences will have access to several top-of-the-line exchange organizations that will facilitate exchanges between owners and projects around the world. Whether it is skiing in the Rockies, beach going in Mexico or Hawaii or shopping in the world's metro hot spots, exchanging your time greatly increases your vacation options. The staff at The Residences at Marina Cay will be happy to help you select the exchange company that best fits your needs.

Can owners at The Residences rent out any time they are not using?

Yes. Since each owner is entitled to a minimum of 6 weeks of usage per year, many owners will choose to give some of that time to the professional management group at Marina Cay, who will market and rent the condominium for you on a pre-agreed sharing arrangement.

Will owners always stay in the same Residence?

Yes. Unlike timeshare where owners may share their accommodations with up to 52 other owners, there will only be 8 owners for each Residence. Owners will always stay in the Residence in which they purchased. Again, the one-eighth fractional program at The Residences is much more like second home ownership.

Can friends and family members use an owner's time at The Residences?

Yes. Just as with whole ownership, you can give your time to friends, family or business colleagues.

Do owner/members pay annual dues?

Yes. The owners will pay for the professional management, operation and up-keep of all of The Residences' facilities and amenities. No one likes to pay fees; however, the good news is that all expenses are shared eight ways and The Residences are maintained in like-new condition by a professional management company.

Do I need any additional insurance?

No. Both property and liability insurance is covered through the annual dues structure and fees. A policy for coverage is obtained and maintained by the homeowners association. However, many owners add their ownership interest to their existing homeowner policy as a precaution and for peace of mind.

Who buys fractions?

Owners of Fractional Ownership Vacation Homes are the very same people who would own the whole home if Fractional Ownership were not available. Many Owners have previously solely owned a vacation home before discovering Fractional Ownership.

Are there any Owners' meetings or work parties?

No, these type of meetings are unnecessary because of complete management. Owners come to vacation, not to work.

Do we meet the other Owners?

Owners have no need to even meet each other. This is not a social arrangement, just a sharing of the time and cost.

Are there many rules?

One of the nicest things about Fractional Ownership is its basic simplicity. Owners agree on rental policies, allow no smoking, no pets, keep the number of overnight occupants equal to space, and always contract for professional management of the home.

Are the budgets adequate?

Yes, the operating budget is set at a level to insure successful operation of the home including reserves set aside for replacements and on-going repairs.

Can the monthly fee increase?

Monthly fees are set to cover the normal costs of keeping the property in good condition. Fees can and will vary over time as costs increase and owners' preferences can change (memberships, boats, concierge services, etc.).

Are there ever assessments?

There can be assessments only if necessary for the upkeep and maintenance of the property. Any out of the ordinary expenditures not provided for in the budget would need the approval of a majority of Owners.

What about pets?

Pets are not permitted in the home.

Is smoking permitted?

Smoking is not permitted inside the home.

How much work do we have to do?

All the housekeeping and maintenance upkeep is provided for the Owners. When you arrive the home is clean and ready for you.

Do we have to clean the home upon departure?

When you go, you'll want to pack up all of your personal belonging and make sure you haven’t forgotten anything. That’s all you have to do. Housekeeping takes care of the rest. You can enjoy a leisurely morning instead of departure chores.

Who cleans the home?

Complete housekeeping is provided as a part of the management company’s services. There is an additional fee charged for this onetime checkout cleaning at the end of your stay.

What if something needs attention?

Owners let management know of anything extra that needs attention. There is a Repair & Maintenance Request Form in the Owners’ manual where such items can be noted. If it is something that needs immediate attention, you can call the management company anytime.

Who does the repair work?

The management takes care of all repairs and maintenance. The management staff handles some of the work, and the balance is contracted out to reliable local companies.

When do you schedule the maintenance?

Work on the home can be scheduled during times the home is vacant or during weeks that have been set aside specifically for that purpose (up to 4 weeks per year). It is only necessary to disturb Owners in rare cases of emergency (plumbing, etc.).

What if somebody damages the home?

Owners are individually responsible for their time of occupancy in the home. That means that if there is any damage beyond normal wear and tear, it is paid for by the Owner who caused the damage. The experience with Fractional Owners over the years is that they take excellent care of the property and damage is virtually nonexistent.