Frequently Asked Questions about Fractional Ownership

• History

• The Advantages of Fractional Ownership

• Questions & Answers

• Care of the Home

• Use of the Home





History

In the mid 1980s a group of resort developers met to focus on an emerging new concept of “vacation cabin” ownership being described as “Fractional” Ownership.

At that time, the owners and founders of The Shores @ The Ocean were a part of the dynamic future. After 15 successful years developing fractional properties in the Sierra Mountains of California, The Shores @ The Ocean on the Oregon Coast was established. Our team has been successfully serving customers since that time.

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The Advantages of Fractional Ownership

Fractional Ownership provides the vacation home you've always wanted with pride of ownership and conservation of your valuable economic resources.

Maximum Luxury and Value
The most obvious reason for owning a fractional home is the very high level of luxury and comfort gained in comparison to the dollars invested. There is real value for your money. You own a quality home with attractive amenities. Your family vacations in spacious surroundings with plenty of room to bring friends or have family gatherings.

Ample Vacation Time
Everyone who owns a vacation home has the universal problem of having only a limited amount of time to actually vacation in the property. The national use statistics for families who own 100% of a vacation property seldom exceeds 8 weeks per year, with some regional averages as low as 34 days.

No Maintenance Worries
When you choose to solely own a home that sits vacant most of the time you are faced with constant headaches of upkeep. The property accrues deferred maintenance that must be taken care of on a regular basis. As a result, you devote a lot of time to care and upkeep that could otherwise be spent enjoying the recreation you thought you were buying in the first place. Fractional Ownership relieves you of all burdens of maintenance and upkeep with professional management of the home.

Conservation of Your Economic Resources
It makes sense to combine the economic force of sharing ownership to defray the costs of owning and operating a vacation home you use only a few weeks a year. You pay for only the vacation time that you can comfortably use. Fractional Ownership makes prudent use of your capital. Instead of tying up large amounts of investment capital in an under-used property, your expenditure is closely related to the amount of time you will actually use, without sacrificing the level of luxury and comfort you desire.

High Degree of Owner Satisfaction
Pride of ownership combined with the ultimate in ease of use makes Fractional Ownership one of the very best ways to own a vacation home.

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Questions & Answers

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 to prohibit rental, 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 (golf 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.

Who handles the money?
All operating fees are collected and disbursed by the management company. Each home has its own individual bank account.

Can we see the books?
You have the right to make inquires and inspect the books anytime. Quarterly financial reports are sent to each Owner.

Are we limited to current management?
Management services are provided at the pleasure of the Owners. The management contract runs for one year at a time with automatic renewal unless notice to terminate is given by the Owners.

How is extra time offered to us?
When a family is not using their time, they may call reservations and release the time. Reservations will then call the other Owners (on a rotating basis) and offer available time periods.

Do we pay for the extra use?
There is never a charge for extra use of the home. Owners are encouraged to make use of the home rather than to have it sit empty.

Can we start our vacation before Friday?
Often the home is available for an early arrival. Call reservations to make your request.

Can we use the home on the spur of the moment?
While this can happen, it is not a common occurance with fractional home ownership.

Can we rent out our home when we're not using it?
Rental is not allowed, as renters tend to treat properties differently than owners. Our properties are always maintained in excellent condition.

Can we let a friend use the home?
It is your home and you can give the keys to anyone you choose. Guests of owners tend to take excellent care of the property provided they know the policies; no pets, no smoking, no renting, number of overnight occupants, etc.

Can we let clients or employees use the home?
Client or employee use is acceptable. Some Owners deduct the costs associated with such use.

How many people can stay in the home?
The occupancy varies based on the size of home.

Is there any storage available?
Private storage units are provided so you can leave those non-perishable items you need for your ongoing visits.

What about pets?
Pets are not permitted in the home.

Smoking?
Smoking is not allowed on the property.

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Care of 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.

Who manages the property?
The Shores @ The Ocean specializes exclusively in Fractional Ownership management and we are well versed in the extraordinary levels of service required for these homes.

Do we have to clean the home upon departure?
When you go, you'll want to put the things you wish to leave in your locked storage. 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 Shores @ The Ocean’s management services.

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. 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.

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Use of the Home

How much vacation use time are we guaranteed?
1/7 Share = How many weeks?
Each 1/7th share is assured of nearly 2 months vacation use per year. (7.428 weeks)

What happens to the other 3 weeks? (7x7=49; 52-49=3)
Those extra weeks are assigned equally to all owners within the calendar’s normal rotation. Some years you will have 7 assigned weeks, others 8.

Can we change vacation dates?
Changing the calendar dates is how you schedule your own vacationing patterns. Owners contact the Shores Reservation desk with requests, and they receive written confirmation of revisions.

Can we vacation for longer than 1 week at a time?
Yes. Vacations of 2 weeks or more may take place at any time of the year. These changes are handled through the reservation desk, which will work to trade time with other owners. Owners do not have to try and handle this themselves, it's all handled by Pacific Leisure.

Can We Vacation more than our allotted 7 or 8 weeks a year?
There is always some extra time available in the home. It may be gained by request or offered to you by the reservation desk.

Why 7 owners?
The number of owners is based on the average use patterns of sole owners of vacation properties in the area. Some owners buy more time (or less time) based on their personal situation.

How do we know which weeks are ours?
The Owner’s Calendar assigns all the weeks in the year. You always know in advance which dates are yours. Every year the weeks rotate and each owner receives equal share of holidays, etc.

How is the use time arranged through the years?
Your absolute entitlement to occupy the home is calendared for every 7th week.

When is the arrival time?
The weeks are set up for arrival on Friday after 6:00 P.M. The Friday arrival allows for an extra night, particularly, in case you plan to use only the weekend portion of your week.

When is departure time?
Departure is on or before 12:00 Noon on the day you choose or upon the following Friday. Management needs the full 6 hours for housekeeping to prepare the home for the next Owner’s arrival.

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.

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