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What's up with Magnolia Private Residence?
- Thread starter savanah32550
- Start date
Smiling JOe
SoWal Expert
Re: Magnolia Cottages
The single family detached homes cannot be sold as time shares.
Matt J
SWGB
Re: Magnolia Cottages
True, I'm sorry I didn't clarify. I meant that the homes were not originally sold as timeshares and depending on the covenants/restrictions they most likely cannot be resold as time shares.
True, I'm sorry I didn't clarify. I meant that the homes were not originally sold as timeshares and depending on the covenants/restrictions they most likely cannot be resold as time shares.
Smiling JOe
SoWal Expert
Re: Magnolia Cottages
I think I must have misread your statement, thinking that you were referring specifically to the homes in Mag Cottages. My reply is intended only for the detached homes in Mag Cottage, though it applies in many other neighborhoods too. A detached home owner cannot just decide to make their unit a "time share" one day, and declare it done. More commonly, if they might create a corporation and sell shares/interest to the corporation, but that is a different type of ownership and the deed is held by one entity, the corporation. A person could not sell their portion of the home. They could only sell their portion of shares, which has nothing to do with a real estate sale. It would be a sale of securities.
I think I must have misread your statement, thinking that you were referring specifically to the homes in Mag Cottages. My reply is intended only for the detached homes in Mag Cottage, though it applies in many other neighborhoods too. A detached home owner cannot just decide to make their unit a "time share" one day, and declare it done. More commonly, if they might create a corporation and sell shares/interest to the corporation, but that is a different type of ownership and the deed is held by one entity, the corporation. A person could not sell their portion of the home. They could only sell their portion of shares, which has nothing to do with a real estate sale. It would be a sale of securities.
Matt J
SWGB
Re: Magnolia Cottages
Okay, not arguing just trying to clarify, cause I think we are just restating the same thing differently.
The detached homes of Magnolia Cottages were never sold as time shares and in general detached homes are not sold as time shares. You are correct in the corporate holding entity not being a time share.
The condominium like structure in the front of the complex is a time share.
I think the confusing term here is fractional ownership. This is simply a marketing term to stay away from "time share". To my knowledge the State of Florida has never moved away from the term time share, it is just another way to say it.
Okay, not arguing just trying to clarify, cause I think we are just restating the same thing differently.
The detached homes of Magnolia Cottages were never sold as time shares and in general detached homes are not sold as time shares. You are correct in the corporate holding entity not being a time share.
The condominium like structure in the front of the complex is a time share.
I think the confusing term here is fractional ownership. This is simply a marketing term to stay away from "time share". To my knowledge the State of Florida has never moved away from the term time share, it is just another way to say it.
Smiling JOe
SoWal Expert
Re: Magnolia Cottages
Up until the last paragraph, I agree that we are on the same page. However, a time-share is not a fractional ownership. They are two different types of ownership. "Fractional ownership" is not just a fancy marketing term. "Private Residence Club," is, however. A time-share has no ownership of the underlying asset. Technically, that may be confusing for some people, and the limited usage in both cases may be similar enough to think that time shares are the same thing as fractional ownerships, but they are legally not the same.
Up until the last paragraph, I agree that we are on the same page. However, a time-share is not a fractional ownership. They are two different types of ownership. "Fractional ownership" is not just a fancy marketing term. "Private Residence Club," is, however. A time-share has no ownership of the underlying asset. Technically, that may be confusing for some people, and the limited usage in both cases may be similar enough to think that time shares are the same thing as fractional ownerships, but they are legally not the same.
dunelover
Beach Fanatic
Re: Magnolia Cottages
Sorry, I brought up that term. I just knew that the we were told that there were many owners of the same groups of cottages we were looking at. I don't really know how it was set up.
Matt J
SWGB
Smiling JOe
SoWal Expert
Re: Magnolia Cottages
Don't be sorry for bringing it up. Maybe someone else had the same question. What you were told seems to be a little confusing, but as gayboi noted, the actual cottages are single family detached homes, which include their own lot. Ownership would be individual.
Don't be sorry for bringing it up. Maybe someone else had the same question. What you were told seems to be a little confusing, but as gayboi noted, the actual cottages are single family detached homes, which include their own lot. Ownership would be individual.