Overview of a co-ownership purchase

A property is first placed within a new Spanish Limited Company.
 
There will be no mortgages or charges incurred by the original shareholder except for essential supplies( electricity, water, rubbish and community).
 
The value of the shareholding in the company is determined by the price of the property, improvements and furnishings.
 
 The original shareholder has appointed Homeshares S.L. as the managing agent. As a minority shareholder with a 4% holding, Homeshares will take care of the day to day activities enabling a harmonious partnership between all shareholders.
 
The original owner of the shares in the limited company then offers for sale four equal shareholdings of 24%
 
The choice to purchase a shareholding (only in 24% blocks) in the company will be as follows:
 
Total payment of 24% of the original shareholders valuation, which will be formalised and registered at a Spanish Notary.
 
Direct finance by the limited company on the following terms: 10% initial payment and balance to be paid monthly at the rate of Euribor + 5% during a maximum period of 10 years.
 
 
All shareholders will be allocated the use of the property for 3 months a year, shared on a rotational basis, with a guarantee of one month in the summer.

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