How do time-share type co-ownership groups start?
In many cases, vacation home sharing starts when a group of buyers create the co-ownership structure. For example, an individual buyer might assemble a group of family or friends, use a qualified Realtor to locate a home or condominium, and then work with an attorney with vacation home co-ownership experience to create the usage and ownership arrangements, and create the co-ownership agreement. In other cases, a property owner or his/her Realtor makes an elective decision to market a property as fractional interests, either because he/she thinks this is the best way to maximize the sale price, or because he’/she wishes to sell only part of the usage rights. This type of formation works best for when the seller or Realtor develop the co-ownership structure and agreement before marketing (as discussed below), and each buyer is given the opportunity to review and approve the structure and the agreement before becoming committed to purchase.
