Time Sharing
Mac’s Cottages is a shareblock company managed in terms of legislation by three trustees who act as trustees, elected annually during the annual general meeting of share holders.
Perfect Location 🏖️
Mac’s Cottages is situated right on the Margate seafront within walking distance of the fishing pier, tidal pool, popular main swimming beach and shops.
Our comfortable sea-facing cottages are fully equipped everything needed for a relaxing seaside holiday.
There are seven units at the resort, which units are divided in weeks, being 52 weeks/shares in a year for each unit. Each week starting on and ending on a Saturday is a share. Week 1, being the first share of a unit, starts on the first Saturday of each year.
The weekly shares are basically the same as time-shares, except that time-shares are being registered in the deeds office, but our shares are registered in our head office in a share register. An owner of a share/s has life rights on the share/s. The share is like any other fixed property and may be sold or left by will. Also if the week is not used by the owner, it may be rented out.
The shares are payable in cash and must be paid before registration of a share/s. The fee to register the share is R150/share and is payable upon signing of the deed of sale. The purchase price may also be paid by way of installments although this is not recommended due to the low purchase price, and must be paid within six months. The purchase price carries interest at prime bank rate plus 3% if paid in installments.
The only other additional costs pertaining to the possession of a share, is the levy that is payable annually. Depending during which time of the year the share is purchased, the levy is also payable upon signing of the deed of sale. The resort consists out of one eight sleeper unit ( three bedrooms), five five sleeper units (two bedrooms) and two two sleeper units (one bedroom).
The levy, which may change annually depending on the company’s financial obligations for that year, is at present R2800 for the eight sleeper, R2550 for the five sleepers and R2000 for the two sleepers. The company’s financial year is from 1 st July to 30 June of each year and levies are payable within one month after receipt of the statement. Owners are entitled to use the unit annually, or rent it out, subject thereto that the levy has been paid.
50% Discount🏷️
The shares are at present being marketed at a 50% discount.
Don’t miss out on this great deal!
Contact us for the price list.
Contact Us Today!
For any additional queries or information contact Anni O’Connell on 039 312 0822 or info@macscottages.com.