Statutes, administration and distribution
The right of use
The statutes regulate everything concerning the purchase and sale of shares. The right of use and the current payment thereof, which is intended to cover the current costs of ownership, are agreed in a right of use agreement between the limited partners of the Spanish residence.
There is no requirement that the group of owners should consist of eight independent owners. It is therefore possible for several family members to buy shares, but the number of shares that can be owned by limited partners and their close relatives is limited to three. The reason is that the most common decisions are taken by a simple majority vote.
Distribution of weeks
Distribution of the right of use for the 52 weeks of the year is divided each year equally between the eight families so that each owner has a right of use for six weeks and three days. The owners agree separately on a distribution system which ensures that over the years, all owners have exactly the same opportunities to choose the popular dates such as winter holidays, Easter holidays and summer holidays, etc. Each owner is free to lend the property to family members and friends. To ensure that all conditions are proper around the home, all other rentals are done through Mojo Rentals, which ensures that the rental process is handled professionally. Including mandatory final cleaning for owners and tenants.
Management of owner meetings
Per Mønsted from Mojo Estates will be the director for a short period of time with full power to enter into the agreements mentioned, including the purchase of the property and the establishment of a bank account in Spain as the most important.
As soon as the internship is over, one of the owners will be selected as director of the companies in place of Per Mønsted without this entailing any additional work, as Mojo will take care of all the practical arrangements via the management agreement concluded statutes, administration and distribution. If no one wants the title, it automatically goes from one owner to the other each year after the General Assembly, where the eight owners are awarded according to who has paid the full amount first.
Administration of your shared home
An administration agreement will be made between the Spanish SL company and Mojo. Mojo will look after the interests of the owners in all practical matters. This includes the subsequent sale of shares to new families or the sale of the entire property if the owners want to sell. We will create a closed Facebook group for ongoing dialogue and a place where the owners can get to know each other. Included in the management contract is also the supervision of the budget, organising the payment of taxes, participation in the general assembly, coordination of distribution and accommodation, supervision of maintenance, etc. The agreements will initially run for 36 months after that the owners choose if they want to extend.
Holiday rental via Mojo Rentals
Another good reason to buy a home via Mojo Sharing is that you can rent it out in the months when you cannot come to the Costa del Sol or if you want to earn some extra money, perhaps to cover your expenses for the rest of the year.
In this case, Mojo Sharing will make a rental agreement with Mojo Rentals to ensure that the
interests of the owners are taken care of in all practical matters concerning the short-term rental of the property during the weeks that the owners do not use it themselves and the final cleaning for both owners and tenants.
If 30% of your weeks get rented out, you can cover a large part of the operating costs of your Mojo Sharing home. Be aware that it is not allowed to market the home on Facebook or similar and charge for the use of the home during the periods you do not use it.
The agreement makes it possible for the owner to earn 60% for oneself in the beginning and 20% for the company. The 20% for the company goes to covering wear and tear and other running costs. Once the owner has paid 1,000 EUR per year into the common fund, the proportion rises to 80% for the owner and 0% for the company. 20% of the rental price including VAT goes to Mojo Rentals for marketing, administration, etc.