The 21-5 concept

Termination of an owner association

A 21-5 owner association can decide to terminate itself whenever it wants.

There is no time limit on the existence of a 21-5 owner association. No exit strategy. A 21-5 owner association is established primarily to bring joy to the life of the owners, not to be an investment vehicle. As long as the owners/families are happy, there shouldn't be any reason to dissolve it.

However, the contractual framework states that should 75% of the owners wish to, they can decide to dissolve their owner association. It is, by the way, the same majority, 75%, that is required to decide any major decisions related to the association.

Following a decision to dissolve, the five vacation properties are to be sold and the net proceeds to be evenly distributed among the 21 families.

 

 

From DK6's apartment in the center of Rome, Italy

 

Contact 21-5 and we will help you fulfill your vacation home dreams.

 

email to info@21-5.com or call 604 446 1188