You’ve dreamed about buying a property, and now you’re ready to make it happen. You’ve come to the right place!
If you’re unfamiliar with co-ownership, you may be wondering how the buying process differs from a typical whole property purchase. In some respects, it’s similar — but when you buy with Simpley, it can also be faster and easier.
Here are 11 steps to buying and owning a Simpley.
Dream big! All of our properties are exceptional, so the challenge might be narrowing down your choices. Properties that meet Simpley’s selection criteria offer great amenities and features, and are located in top property locations. A few things to keep in mind when you browse our listings:
Property prices reflect the cost of one share.
Operating expenses for each property can be accessed from the listing details page, so you know upfront what costs to expect.
Properties marked “Open” are actively listed and ready for co-ownership.
Properties marked “Prospect” are under consideration for purchase. If there’s enough buyer interest, we’ll purchase the property and turn it into a Simpley.
If you don’t see your perfect match among our listings, let us know what you’re looking for, and we can help guide you. Or, if you’ve seen an amazing listing you think would be a great Simpley, share it with us! If it meets our criteria, we might purchase a portion of the property through our discovery program for buyers.
We’re excited to share all the details about our properties. If you’re not sure which one is best for your needs, we’ll go through each property’s unique attributes and location to help you decide. You can easily schedule a time to talk with one of our Simpley team members from any listing details page, or if you have general questions about co-ownership, you’re welcome to get in touch via our contact form.
We’ll give you all the information we have about the property, but seeing is believing. While you’re on the call with our Simpley team member, they can arrange a time for you to tour the property. Many buyers choose a virtual tour at this stage, but in-person tours are available as well.
You talked, you toured, you fell in love — you’re ready to buy your property! We’ll walk you through the purchase process and paperwork, and our team will make sure you understand all the terminology related to co-ownership, such as:
What it means to have ownership interest in a property (the short answer — it’s true real estate ownership)
How a Simpley property LLC is organized and managed, and why it makes co-ownership simpler and more enjoyable
The purpose of an LLC operating agreement
We want you to feel confident in the process, so ask as many questions as you’d like. Once you’re ready to proceed, you’ll reserve your share with a 10% deposit.
If you’re interested in financing a portion of your purchase, you’ll work directly with Simpley and our financing partners. You may be able to finance up to 70% of your Simpley. You also have the option to pay all cash for your purchase.
Simpley’s closing process is streamlined and, unlike most traditional property purchases, can be completed within days rather than weeks or months. Once you’ve signed your purchase agreement, we’ll send additional documents to review and sign. Some will look familiar if you’ve bought a house before, such as the inspection report and seller disclosures. Others are specific to Simpley and our property LLC model, including the management agreement and operating agreement. Once you’ve had a chance to go through the paperwork, we’ll schedule a call to review the documents and answer any remaining questions. You’ll sign, wire the funds to complete your purchase, and you’re done!
Congratulations, you own a Simpley! Our commitment to owners doesn’t end at closing. We assign a dedicated property Manager to each property, and they’ll schedule an onboarding session to ensure you have the Simpley Owner e-Portal. Your property Manager will be your point of contact throughout your ownership, and they are available to provide support whenever you need it.
One of the best things about owning a whole property? It’s all yours! One of the worst things? It’s all yours. The responsibilities and hassles of property ownership can take a lot of joy out of the experience. Simpley’s professionally managed co-ownership model gives you the benefits of co- ownership without all the headaches. We take care of maintenance, repairs and cleaning; manage payments for utilities, insurance and taxes; oversee property management; and so much more.
Simpley’s management services are designed to make your ownership experience easier — but that doesn’t mean you don’t have a voice. In fact, you and your property’s co-owners have 100% ownership of the property once all shares are sold, which means your co-ownership group has decision-making authority. Here’s how this works in practice: Owners can bring major issues about their property to a vote of the co-ownership group, and every share owned holds one vote. A major issue might be a costly property upgrade, like the installation of a hot tub. To call for a vote, you would reach out to your property Manager. Routine maintenance and necessary repairs (such as replacing a broken dishwasher) are handled by Simpley and do not require a vote.
We think you’ll love your Simpley for years to come, but at some point your needs may change. After 12 months of ownership, you are free to sell at any time, and you set the sale price. We'll work with you to facilitate a fast and streamlined resale. Your Simpley can be sold on the open market and any equity gains realized are yours. Our goal at Simpley is to make co-ownership simpler, more enjoyable and attainable for more buyers. We’ll help you every step of the way, but the first step is yours — so check out our listings and imagine where the journey can take you.
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