Co-Ownership

A new and exciting opportunity to get a foothold in the Spanish Property market at a fraction of the normal price let me explain:-

 

Co-Ownership or Time-plan as it is often referred to is a property which has up to six individual or couples as owners on the title deeds (‘Escrituras’ in Spanish), therefore each person or couple on the deeds has a sixth share of the property so each owner owns two months’ in perpetuity per year – one low season and one high season. Each purchaser purchases a particular ‘Option’ on the property the table below shows for the next six years which months each ‘Option’ owns. As with purchasing any freehold property or as in this case the sixth of a freehold property you or your representative sign a Purchase/Sale Title Deed (Escritura) in front of a Notary Public and subsequently your name/s will be lodged in the ‘Land Registry’ on the particular property you have purchased. You the owner can in turn sell the property on as and when you wish, however there is an un-written rule that first refusal is given to all your other co-owners (After purchasing you will be supplied with names, addresses, telephone numbers & e-mail addresses (where applicable) of all other co-owners. It is also possible to re-arrange your months of use with other time-plan partners.

 

IMPORTANT NOTE:

 

Co-Ownership/Time-Plan has not got to be confused with ‘Timeshare’ or ‘Holiday Bonds’ which are a typically resort properties, in which multiple parties hold rights to use the property, and each sharer is allotted a period of time (typically one week and almost always the same time every year) in which they may use the property, in which the sharer holds no claim to ownership of the property.

 

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