What is fractional ownership?
Fractional ownership is portioned equity ownership of a property. Each owner has a number of weeks of occupancy attached to his/her purchase of the vacation home. At Lakeside at Rocky Crest when you purchase a fraction of a vacation home, you will be entitled to occupy the home certain fixed weeks during the golf season and a number of rotating variable weeks throughout the rest of the year depending on the size of ownership fraction you purchase. Fractional ownership is the fastest growing segment of the real estate industry and makes real sense for vacation properties that are not used as full time residences. Taxes, maintenance and upkeep of the vacation home is shared among the owners through condominium fees and like all condominiums, an owner can sell their ownership whenever they want for whatever price they want.
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 agreem
