Dear Prospective Purchaser
Thank you for your interest in The Porches at Coral Harbour managed by The Porches Management Limited (TPML). We look forward to welcoming you to the property upon completion of your unit.
We are pleased to offer our services of managing the rental pool for The Porches at Coral Harbour.
Regardless of whether you participate in The Porches Rental Program (as defined below) or not, all units at The Porches will be governed by a Unit Management Agreement under which the operator, TPML, will perform certain services for all the units, including standard check in, check out procedures, issuing keys and collecting various charges related to residency in the unit.
At this time we would like to extend to you an invitation to participate in the voluntary primary rental program managed by the operator TPML to be known as The Porches Primary Rental Program. Although participation in The Porches Rental Program will be governed by the specific terms of a Rental Program Agreement to be entered into with TPML, the following is intended to provide highlights of the rental program and then address frequently asked questions.
Highlights
TPML will administer the rental program using qualified personnel experienced in the real estate, advertising and public relations fields. The staff will be dedicated exclusively to The Porches Rental Program and committed to honoring requests for your own use of your unit subject to any confirmed reservations existing at the date of your request.
- The initial term of the Primary Rental
Agreement will be three years and it will be automatically renewed
after that unless you give TPML a 1 year notice of cancellation.
- The Condominium Association documents allow owners to rent for a minimum of one month. Any rentals for less than one month must be done through TPML and the Rental Program. TPML does not intend to rent for periods of less than 1 week (i.e. no daily rentals) Rental rates will be as follows:
Efficiency |
$1050.00 |
Max Occupancy - 2 |
One Bedroom |
$1400.00 |
Max Occupancy - 4 |
Two Bedroom |
$1750.00 |
Max Occupancy - 6 |
Three Bedroom |
$2100.00 |
Max Occupancy - 8 |
While your unit is in the Primary Rental Program, it is assumed that you will occupy the unit for a maximum period of one month in the year. This may be broken down into weekly stays but TPML must have at least a one month notice of your intent to occupy. TPML will attempt to keep the unit rented the rest of the year. Rental income will be distributed on a 65% - 35% owner/TPML split.
- As long as the unit is in the Primary Rental
Program the owner will be required to maintain an "Owners Reserve
Account Fund" of $5,000 on deposit with TPML This account will receive
all rental income and referral commissions and will disburse payments
for association dues, utilities, housekeeping, electric, water, phone,
cable, etc. This account must always maintain a balance of $5,000.
Quarterly statements will be issued by TPML showing detailed breakdown
of all unit activity and you will be issued a check or a bill as
appropriate.
- To ensure an equitable distribution of
bookings for units in The Porches at Coral Harbour, a rotational
booking program will be used and will take into account guest requests
for specific unit types and views as well as the number of weeks and
time of year the unit is available for rental.
- The unit owner will be responsible for the
cost of upkeep of the contents of the unit and TPML will co-ordinate
this upkeep. Such costs will be funded from the Reserve Fund
mentioned.
- There will be a Secondary Rental Program available to those owners who wish to occupy the unit for more than one month a year or owners who have special needs to be accommodated. Special terms, details and conditions will be discussed individually with those owners.
