SUCCESS FOR SHAREHOLDERS
Legal
CASA12 associations are subject to tight regulation. They are similar in structure to most traditional associations, but a key difference is that CASA12 associations do not operate with loans. This significantly reduces the risk compared to buying a regular cooperative home.
The regulation in CASA12 associations means that a family that stops paying its common expenses risks being excluded by the other families in the association. If this happens, the family in question must sell their vacation home share. If the family does not initiate the sale themselves, CASA12 will step in and broker the sale.
These rules safeguard the interests of the community over the financial challenges of a single family. CASA12 will of course assist in achieving the best possible sales price, but ultimately the interests of the community are prioritized.
The associations are established as partnerships, a structure that eliminates both the cost of change of ownership and the joint and several liability of resale.
Bylaws
The owners’ association is governed by comprehensive bylaws to ensure proper operation. In CASA12 associations, the bylaws are called: House Rules. If a family fails to pay their shared expenses or grossly defaults on their obligations, they can be excluded by the other families. This setup is designed to maximize security for everyone, legally, fiscally and financially, and is completely open and transparent.
Majority decision
Non-essential decisions are made by simple majority, while important decisions require a 3/4 majority. This prevents individuals from blocking sensible decisions and ensures that it also requires a 3/4 majority to dissolve the association. If the association is dissolved, the homes are sold and the profit is divided equally between the families.
Inheritance rules
There are different inheritance rules in each country, and CASA12 can help find relevant advisors based on each family’s unique needs and composition.