Ancana is a marketplace for buying fully managed vacation homes through fractional ownership. We find the best vacation homes, handle the legal process to split the home into fractions (shares), find and vet the co-owners, and manage the property. Once all of the shares are sold, Ancana holds no ownership stake in the home.
How does fractional ownership work?
When you purchase a fraction (share) of a property, you are the co-owner of a percentage of the property. The title of co-owner gives you access and the right to use the property throughout the year, based on the percentage of ownership.
Do I have to know the other co-owners?
No. Ancana handles the finding and vetting of the other co-owners. The Ancana platform facilitates any decisions that need to be made regarding the property between the owners.
What happens if there’s been damage to the property, who takes care of it?
Properties are inspected by housekeeping and management staff each time a co-owner enters and exits. Normal wear and tear is handled by the reserve fund, which is part of each co-owner’s monthly expenses. Any damage beyond normal wear and tear is charged to the owner that was using the property at the time of the damage.
What happens if not all shares are sold?
In most cases, Ancana is financially responsible for any unsold fractions. In some cases, however, we have exclusivity contracts with developers and owners of properties under construction. If less than 50% of the property is sold when construction is complete, a refund will be given to any buyers who purchased a fraction. You will be notified at the time of purchase, regardless of it being an Ancana or developer-owned property.
What is the legal structure that you use for the sale of fractional properties?
Each property has a specific investment trust created that allows us to divide the home into fractions that confers true ownership of the property to the purchaser. Each fraction is independent of the others so the owner has the right to sell their share of the property whenever they choose.
How are expenses charged?
Ancana passes all home operating costs directly to the co-owners with no markup. Each co-owner is responsible for their share of the home expenses plus an additional amount for the home’s reserve fund, which is used for routine repairs and maintenance. Payments are made monthly through the Ancana platform.
How are expenses divided among all owners?
Expenses are divided amongst the co-owners based on their ownership percentage of the property. If a property has 8 co-owners, each expense will be divided 8 ways.
Does the cost of the property include legal, notarial and tax expenses?
The purchase of a fraction works like a regular real estate transaction. There are closing costs associated with the purchase, which are added to the purchase price of the fraction.
Who would be in charge of managing the property and for how long?
Ancana manages the property in most cases. If at any time the co-owners want to switch property management companies, they can vote to remove Ancana from these duties. There are a small number of properties that have their own property management service.
Is there a regulation between co-owners?
Yes, each property has rules and regulations that govern the use and enjoyment of the property between the co-owners. Additionally, the rules of coexistence with neighbors, use of common areas, penalties, and any type of prevention and action plans are included.
Are properties insured?
Yes, all properties have insurance. This is included in the monthly costs that are split between the co-owners.
How easy is it to sell a fraction?
After owning the property for 12 months, you are free to sell the property at any time at the price that you choose. Ancana can help facilitate the sale if you’d like, using our database of qualified buyers. Alternatively, you can sell the property on your own or through an agent of your choosing.
Can Americans and other foreigners own property in Mexico?
Yes! Ancana streamlines the process of purchasing a home in Mexico through the use of our Investment Trust. Our team of professionals removes all of the hassle and uncertainty around the buying process while handling the legal details, so you can focus on finding the right home for you.
Prior to Ancana, if you wanted to purchase a beach home in Mexico you’d have to go through the process of securing a fideicomiso, which grants ownership rights to foreign purchasers. With Ancana, however, what you are purchasing is an ownership interest in an Investment Trust, which owns the underlying property. This Investment Trust is completely legal and transparent and confers all of the rights of ownership to you the buyer. The Trust is managed by a bank in Mexico, making it easy and secure to own the vacation home of your dreams.
What is the process for purchasing a property through Ancana?
1. Once you find a home on Ancana’s platform that you like, one of our sales associates will walk you through the property details and answer any questions you may have. They will also help arrange a visit to the home if you’d like. If you decide you’d like to purchase one or more fractions of the home, we’ll send you a Sales Agreement to sign and collect a $10,000 fully-refundable deposit to secure your fraction(s).
2. You’ll receive some additional documentation to review, including our Investment Trust and Owner’s Agreement. You’ll have plenty of time to review these documents and if everything looks good, you’ll pay a 25% down payment (less the $10,000 refundable deposit you’ve already paid). At this point you can begin booking visits to your new home! Note: for pre-sales, the payment schedule timeline and ability to begin using the property will be dependent on the project completion date.
3. At closing, you’ll receive your final ownership documents and fund the remaining 75% of the home cost. As a new Ancana homeowner, you’ll be assigned a personal concierge responsible for making sure that you have everything you need to begin enjoying your new vacation home. The only thing left for you to do is begin booking stays and creating memories that will last you a lifetime.
Is there financing available for purchasing a property through Ancana?
Yes, we do offer financing for qualified borrowers. With Ancana you can finance up to 60% of the purchase price. If you’d like to learn more about financing options, please contact us.
What happens if one of the co-owners defaults on their payments?
In the event a co-owner becomes delinquent on their payments, you are protected. Ancana assumes financial responsibility for the delinquent fraction with no impact to the other co-owners.
Can I sell my property with Ancana?
Yes! First you decide if you'd like to retain any ownership of the home or if you'd prefer to sell all fractions with Ancana. We help you decide how many fractions to make available and take care of the legal work of setting up the investment trust and breaking the home into fractions. We list your home on the Ancana marketplace and find and vet potential buyers. We make selling your home simple and transparent while giving you the unique opportunity to keep part of the home if you'd like.
How do you project the sales prices?
We first do a market study of the area and compare it with similar developments. Afterwards, Our team analyzes all the costs associated with the sale (legal, tax, refurbishment, furnishing, administration, services and operating expenses), allowing us to price the home based on the current market.
What benefits do I get by selling with Ancana?
Ancana handles all of the legal, tax, and administrative process so you don't have to worry about a thing. We perform due diligence on all potential clients and guide you step by step until the sale is finalized. You can decide if you’d like to retain ownership of one or more fractions of the property, or sell the entire property.
What are the requirements to sell my house in fractions?
The property must be owned by you and all payments and taxes up to date. The property must be free of liens and the title to the property in the name of the seller. Our team is in charge of reviewing all the documentation and status of the property, if it meets all the requirements we can upload it to the Marketplace.
Can I list my properties with Ancana?
The property must be free of liens and the title to the property in the name of the seller for you to be able to list your property with Ancana. Additionally, you must sign our commercial agreement and adhere to the sales and marketing regulations.
How do commissions work?
In each region there are different commission schemes, we have very attractive plans and the most extensive database of clients interested in fractional properties in the country.
Can I rent the weeks that I am not going to use?
Each property has slightly different rules so please contact us about the property you are interested in. In most cases, short-term rentals are not allowed. If allowed, simply tell us or the administration the weeks you are interested in renting out and we’ll manage the rental process on your behalf. All proceeds from rentals will go towards the co-owner.
How do the co-owners coordinate to know the weeks each owner gets?
All booking is done through Ancana’s proprietary scheduling software so you never need to coordinate with another co-owner. Visits can be scheduled 3 days to 12 months in advance. Each co-owner gets to select 1 premium date that is in high season before additional stays can be booked to ensure that everyone gets access to a premium date. After premium dates are booked, each co-owner can then book additional stays.
Is there priority for booking?
Yes, in the first year the priority order is determined by the purchase date of each fraction. So the first buyer gets to select the first date, the second buyer the second date, and so on. Each year the order moves up one spot, so the second purchaser gets first choice, the 3rd purchaser gets 2nd choice, and so on.
Can I exchange my weeks?
Yes, you can exchange your weeks as long as there is an agreement with one of your co-owners.