We’ve made the process of becoming a TAKE FIVE Owner as simple and secure as possible.
Typically, the process begins with a meeting with your local representative, who will explain the TAKE FIVE concept and answer your questions. This is an opportunity for you to get to know Take Five, and for us to determine whether you’ll be a good fit for our circle of Owners. In addition, this meeting ensures that all prospective Owners have a good understanding of all benefits, responsibilities, and compromises. Perhaps most importantly, this initial meeting gives us a good idea of whether the prospective Owner will be trustworthy and responsible about taking good care of the vacation homes and meeting their obligations to the owner association.
Once you decide to join TAKE FIVE, we’ll provide agreements and general terms in your local language. Your next step is to read and sign the forms.
Next, we’ll ask you to transfer your initial capital outlay into a secured escrow account held by international law firm Bird & Bird. They’ll secure the funds on your behalf, only to be released for purchase and renovation of the properties if all criteria described in the agreements are met. The advantage is that since TAKE FIVE Owners provide Power of Attorney to a local legal representative, the need for extensive travel is eliminated.
TAKE FIVE will then submit a detailed purchase proposition – complete with refurbishment estimates and a summary of any other costs – to the Owners Committee. All agreed-upon property selection criteria must be met before our escrow agent can release funds to purchase and renovate the properties. For the sake of practicality, this part of the process is completed in two phases:
- Fourteen Owners complete the membership process, and the first 3 properties are to be acquired.
- The remaining eight Owners complete the membership process, and the fourth and fifth properties are to be acquired.
At that point, we begin to refurbish and decorate according to the agreement. After the work is completed, we’ll release the home to the owners, who are then free to enjoy their new properties.