Shared Ownership FAQ
What will I own?
You will own one or more shares in “Maison Vauyon LLP” a Canadian company Registered in British Columbia, Canada.
Each share entitles you to one week of use or possible rental income. You will also receive one voting right per share.
“Maison Vauyon LLP” owns the building outright at 37 rue de la Vauyon in La Charité-sur-Loire, France; through ownership of the “SCI Maison Vauyon” a French legal entity.
How is time allocated every year?
After you purchase your share(s) you will then be able to choose from the weeks available.
The following year, your week(s) will rotate forward one position within your season.(High or Low)
For example:
- Year one- May 1-7
- Year two- May 8- 14
- Year three- May 15- 21. Until you reach the end of your season, then it reverts back to the start.
What constitutes High and Low season?
High Season is May 1 to October 31
Low Season is November 1 to April 30
The usage weeks run Friday to Friday, thus actual start/finish dates will vary each year.
What about rental income?
If your weeks are rented out, you alone will receive all monies (100 %) of the rental income. This is not a shared rental pool.
What are the yearly costs?
All operating costs such as property taxes, insurance ,electricity, gas, water, phone etc. are added up and divided 52 ways.(one for every share)
Operating costs are estimated to be $360. CDN per share per year.
- $110 ........ Operating costs, listed above (based on actual receipted costs)
- $50 ........ Contingency, to cover minor repairs and replacements
- $50 ........ Cleaning Service, only charged if your time is used or rented
- $150 ........ Management fee, includes both Canada and France with Vacation Rental web sites
Is Maison Vauyon a Time -Share?
Although it has a Time-Share feature in that you are allocated chosen week(s), what you actually own are share(s) in a Limited Liability Partnership registered in the province of British Columbia, Canada.
Who will manage Maison Vauyon in Canada and in France?
“Maison La Charité Management Ltd.” is a Canadian company registered in White Rock, British Columbia, Canada. This company is owned wholly by Leonard and Linda Wiebe. They are the managers of this company.
All shareholders will deal directly with “Maison La Charité Management Ltd.”
What Guaranties do we have on workmanship?
All electrical, plumbing, windows and doors are covered by a 10 year insurance policy against faulty workmanship. All of the appliances are high-end and guarantied 5 years.
Is it possible to sell my share(s) in Maison Vauyon?
Yes. you will receive 100% of the selling price. No commissions or fees are charged, but your purchaser will need to pay our law firm $350 to transfer each share.
What about taxation issues?
Maison Vauyon LLP will pay the two property taxes applicable to Maison Vauyon, and each share will pay 1/52 of that total. This is included as part of the operating costs.
As for rental income, if you reside in Canada for more than 183 days per year and it is your principle residence, you will pay your taxes in Canada.
If you sell your share(s) for profit, you will be subject to Canadian Capital Gains Tax at your own personal marginal tax rate
What about inheritance issues?
You may will your share(s) to whom-ever you wish, or put your share(s) in trust.
French inheritance laws do not apply to you as your share(s) are part of a Canadian Company.
The developer reserves the right to make any necessary modifications to maintain the high standard of these homes, prices are subject to change, they may vary depending on availability. All square footage shown are approximate.
