Because we have discovered that some Owners at Sawgrass actually use their cottages on an “occasional” basis, we have devised our Tenancy In Common (“TIC”) Ownership program (sometimes referred to as fractional interests). This program will significantly reduce the cost of the initial acquisition and the ongoing ownership expenses of a cottage. A TIC ownership is a deeded title purchase of a 1/2 or a 1/3 interest in a cottage. A TIC ownership is not to be confused with a timeshare, partnership or joint venture.
Each TIC ownership carries with it the right to the % of possession of the cottage equal to the % of ownership. A TIC cottage is sold fully furnished and outfitted – all one needs to do is move in and enjoy. An Agent attends to the assignment of periods of possession, the payment of expenses normally associated with whole ownership such as insurance, real estate taxes, telephone, utilities and cable TV. The Agent also levies assessments for the payment of these expenses and fees. The TIC owners can choose to employ the Developer or any other professional to be their Agent—or the TIC owners can handle the Agent’s duties themselves if they wish.
Bottom line—a TIC ownership affords the Buyer yet another option to own and enjoy a cottage in Sawgrass at a fraction of the cost and without the responsibilities of whole cottage ownership.
FAMILY AND FRIENDS
It is not uncommon for family and friends to contemplate common ownership of vacation homes. Experience teaches us that no matter how strong the bonds of good feelings and friendship going into such a shared ownership, it is essential that a formal structure be in place to assist in operating the property and dealing with unforeseen problems in the future.
Using many of the provisions of our TIC Program and after consulting with prospective buyers, we can customize documentation for use by Family and Friends to assure smooth sailing in their shared vacation home ownership. This service is provided free of charge by our experienced staff.