Talk of The Villages Florida - View Single Post - Fractional Share Partner to purchase 2nd home in The Villages
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Old 01-03-2021, 12:07 PM
OrangeBlossomBaby OrangeBlossomBaby is offline
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Quote:
Originally Posted by retiredguy123 View Post
This idea has so many potential problems, they are difficult to count. Suppose someone, who owns half of the house, decides to use the house as an Air BNB hotel and rent it out on a nightly basis, or rents out individual rooms? Or, decides to sell their half in weekly increments like a typical timeshare? How do you get homeowners insurance for the house? What recourse do you have if the person who owns half of the house refuses to pay the ongoing expenses? Who is responsible for deed restriction violations?
You can build a "no rentals" into the purchase agreement. And if someone is financially, legally responsible for a percentage of ownership in something - if the person refuses to pay their share, they forfeit their percentage of ownership.

Pretty standard legalese for timeshares. You can - or cannot - sublet, depending on the agreement. You can - or cannot - refuse to pay an agreed-upon expense, depending on the agreement. If you make it a 2/3 majority vote in all decisions over "x" dollar value, then any of the three might risk losing their share in the property by refusing to go along with the other two.