HOME Fractional Details Lot 6 "Casa de Playa" Lot 17 "Brisas del Mar" Location About Panama Property Management Usage Terms Owner Benefits Rental Program Investment Potential Las Olas Resort Las Olas Master Plan About Us Activities Contact Us Visit Us Buy Now Morning on the beach at Los Olas Villas PanamaFractional.com - Panama Fractional Vacation Home Ownership - Own an ocean front estate and live the dream! Fractional vacation home ownership is now a real possibility. We have 2 fractional vacation homes for sale. - Fractional home ownership vacation, fractional home, fractional homes, fractional home ownership, panama real estate, panama fractional home, panama home Usage Terms Owners Time Allowance Each owner will have 4 weeks exclusive use of the property each year. The weeks will be numbered 1-52 with the first Saturday in January being week number 1. You choose a 2 week period and then you also have to take the 2 week period exactly 6 months after that. After the owner picks the 4 weeks, as detailed in the HOA documents, the weeks rotate every year to insure each owner has access to each week in a 12 year period. Example: An owner picks the 2nd and 3rd week of the year. They would then also have to take weeks 28 and 29. (Just add 26 weeks to the first pick.) The next year the owner will have use of weeks 4 and 5 and weeks 30 and 31. The limit of people staying in the home at any given time is 10. Owners Expenses The Home Owners Association (HOA) for this property will approve of a yearly budget. This will be a monthly fee that is shared between all the owners. These expenses will cover the following; utilities, insurance, yard and pool maintenance, any upgrades of assets, vehicle maintenance, onsite staff, reserves for future repairs plus any other HOA approved expense. Usage Expenses The owner will incur any expenses of using the property during their stay. Expenses like, food, drinks, gas for the vehicle etc. Any guest that the owner has staying during their time will be treated like an owner. The owner will be responsible for the guest and any expenses they incur. If these expenses are not paid in a timely manner, the HOA may asses the owners account. Property Use Personal Use. An owner may decide to use all 4 weeks a year for their personal vacations. Friends and Families. Every owner has the right to let friends and family or business associates use the property during their time. They will be responsible for any expenses incurred by them while staying at the property. These may be charged to the owners account if not paid in a timely manner. The owners' guest will have to check in with the management company. There will be a fee for this service. This will cover, check in, check out and cleaning of the home. Personal Rentals. Owners may rent the unit during their time. They will have to run the guest through the property management company. The management company will charge a fee to handle the guest. This is to insure the proper handling of the guest and so the property may be cleaned correctly for the next user. The owner keeps 100% of the rent collected minus the expense of the management company's fees to handle the check in and check out of the guest. HOA 4 weeks. 4 weeks each year will be unassigned. 12 owners x 4 weeks = 48 weeks. That leaves 4 weeks in the HOA. This is for handling any large maintenance or improvement issues in the future. Example: If a new A/C unit that needs to be installed and an owners week is needed to do this work, the HOA will "give" one of the weeks it has to the owner that missed out. The HOA may offer the unassigned weeks to the owners for additional use of the property, on a first come first served basis. This is an added bonus to the owners and the property may only be used by an owner. It may not be rented during that time.

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