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| WHAT IS VACATION HOME FRACTIONAL OWNERSHIP? |
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© March 16, 2007 by D. Andrew Sirkin.
Any reproduction or use of this document or any part of its content
requires the written consent of the author. Mr. Sirkin is chief attorney for Paris Pied-à-Terre Fractional Ownership. Contact Mr. Sirkin at
dasirkin@earthlink.net, or visit www.andysirkin.com
Vacation home fractional ownership (sometimes also known as vacation home partnership or fractional co-ownership) is an arrangement where a group (most often complete strangers but sometimes family or friends) share the costs and use of vacation property. These groups can be
assembled by a real estate development or hotel company, an individual builder, Realtor or seller, or one or more of the prospective buyers/users. Typically, each co-owner owns a percentage of the property and is shown on the title and deed as an owner. In some cases, the deed actually specifies particular days, weeks or months when the co-owner may use the property, while in other cases, the usage arrangements are described in a separate document. Where the property is located outside the United States but the owners reside in the United States, the property is generally owned by a U.S. nonprofit homeowners association formed for the purpose of holding title, and the co-owners own the association. A detailed co-ownership agreement (sometimes called an operating agreement, user agreement, shareholder’s agreement or bylaws), a recorded declaration of covenants conditions and restrictions (or “CC&Rs”), or a combination of such documents, allocates usage rights, costs and responsibilities among the co-owners.
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