Private Co-Ownership FAQ’s

What is “Private Co-Ownership?”
Simply stated, this is the most efficient, effective, and secure method to have equity ownership in vacation property while sharing the initial and ongoing costs. Similar structures of ownership have been successfully used by high net worth individuals to own ski lodges, island resort complexes, European villas, and even private jet aircraft. Sound Front Home, LLC, has developed this co-ownership model to meet owners’ needs which are specific to a private luxury Coastal Carolina vacation home, and to comply with all applicable North Carolina laws for the fullest protection of consumers.

Who is the most likely candidate for “Private Co-Ownership?”
This method of ownership is specially designed for those who want to have their own luxurious second home without worries of day to day upkeep and for those who plan to use the property for a limited amount of time during each season.

How does “Private Co-Ownership” differ from other forms of joint ownership or “Fractionals?”
Pride of ownership and attention to detail! The property is deeded real estate and is registered with the North Carolina Real Estate Commission to comply with the state’s strict laws for consumer protection. All details of ownership, management, and maintenance of the home are recorded in legal documents for the benefit of all owners. The effect of this detailed structure results in the pride of personal ownership and comfort in knowing there is always a high level of care afforded to your home.

How often does each owner use the home?
The property is deeded into 10 (deeded) interests.  A “Use Period Chart” specifies 5 weeks per year for each interest, evenly spaced during the year. Periods of use rotate each year so that weeks are not fixed. Two weeks of each year are set aside for annual deep cleaning and maintenance. Past experience has shown that owners are very successful with “Trading Weeks” to meet family requirements for specific vacation times.

Can an owner sell or rent the property?
Just like any “Real Property,” ownership interest may be sold, willed, mortgaged, etc. according to deed covenants. No rental is permitted by the conditions of use, in order to maintain the pristine home appearance and pride of personal ownership for all owners.

Who pays for the maintenance and upkeep of the home?
A budget is initially set and agreed to annually by the owners. All expenses required to manage, service, and maintain the home, as well as provide a contingency cash reserve account are collected quarterly by the owners’ association. All bills are paid through the selected management company. Weekly cleaning and laundry services are also handled through a management company and these costs are included in the annual budget.

Are all furnishings included in the house?
The property is fully furnished including linens and towels. Owners have separate, lockable storage spaces for personal items they may like to keep at their home full time. Just bring clothes and a toothbrush, then enjoy the beach!