Homes co-owned by 4 adults…..
 

I've never seen this topic discussed here before. Can someone please tell me what happens when two couples buy a home together, here? Does your monthly amenity fee cover 4 people??? Do only two get to play golf?

Every time I look at real estate down here, I'm always saying, "Well, if someone would buy a home with us, then it would only cost half as much and I'd do it tomorrow!" and that is what got me to thinking about all of this.

Thanks!

Just a guess here, but I think anyone whose name is on the title qualifies for TV amenities as a resident.

Very interesting question. Never thought of it before

We who are single pay higher taxes than married folks and in The Villages pay the same amenities fee as marrieds do for two. If enough people bought as foursomes, how about sixes and eights and tens? It would be..hey, it would be like a...
TIMESHARE!
I do not like it...

Alanna, co-ownership only works if the "two couples" have all the details worked out in very good detail in advance. I have seen many more failures than successes with this type arrangement. Vacation homes, planes, boats, have all been tried and have limited success. I have seen a few plane ownerships that worked.

A better solution might be to set up a prior agreement where one owns and the other agrees to rent for some pre-determined amount of time (5 years) at a reduced rate. Having a beginning and end established before buying is a better solution.

The problems that arise are first selecting a home, furnishing a home, than setting up who uses when. Every decision made has to be agreed to by everyone. Lets do new landscape, buying a golf cart, painting the walls a different color, anything you want to do requires consensus from all.

Good luck with what ever you decide, but IMHO I think you are going down a dangerous road.

I think this question has come up before.... I believe each household can have up to 4 resident IDs, regardless of how many people are on the deed. So, if 3 or 4 couples go in together, not all will be able to get resident IDs. And, you either have to be on the deed (regardless of where your primary residence is) or have the TV residence as your permanent address to get a resident ID. Each of those 4 resident IDs has access to all the amenities.



Best bet is to call the customer service number at 753-4508 and get the official answer.

I agree very much. In business I have seen almost every small business that was a partnership of friends dissolve in not a friendly manner in less than seven years. EWeissenbach brought this up a couple of years ago. For some, friends are like family but I would be thinking twice.

We have three people as owners of our home. Helene is on our deed.

People who are single argue that having one "pass" is not fair. How you would be able to keep control of ID is another issue. People date different people. A pass for just anyone could be lost...etc. etc. Sometimes things aren't exactly fair...a LOT of things aren't exactly fair. Sometimes you just have to play the hand you're dealt.

Partnerships are very tricky and many end up in dissasters.

The pitfalls are so numerous that it would take a very long post to fairly describe them.
Partners can be held liable for actions of each , at least as to financial responsibilities of ownership, violations of law, and regulations ---on and on.

Please speak with a knowledgable professional before entering any partnership with anyone. Much of the advice that you might get on this forum and from friends and neighbors will be incomplete or just plain wrong.
BE CAREFUL

I dont know but felt compelled to answer - i dont know - i have a friend who is in the process of buying a house with 4 name as owners then selling shares on his own --- like a time share -- work for everyone

Renting might be best. Less cash out

Hope they are knowledgable as there are state and federal laws that may impact the legality when selling shares in real estate.:22yikes:

Can a Florida residence become part of a lawsuit? I assume so, but I am not an attorney.

Seems like you would be opening yourself up to the potential for extra risk to your assets.

There is a lot to think about with this. It goes beyond the likelihood of risk to the friendship.

I would not get caught up in the perceived urgency to buy a house in TV. Renting can help you to work through what you really want to do.

(And, I sure hope we do not turn into some enormous, sprawling timeshare from hell. Tee-time, anyone?)

There are many posters who say things just to get us going. Deep breaths.

In Mi, many people co-own vacation property on Lake MI and/or the many beautiful inland lakes. Of the people we've known who do this, it has worked well, but they split their time, as opposed to vacationing at the same time. Hub's sister and BIL co-owned in Chatauqua, NY, for many years, splitting time and also renting the place out the rest of the season. When the ohther couple divorced, they bought them out.

It can work if the four of you are reasonable people.

And what if the co owners heirs(children or brother in law) are not reasonable. What happens in the case of bankruptcy by one of the owners, marriage problems . Too many what ifs. Formation of a corporation with well written rules would work better in insuring an orderly process for sticky issues and termination.

My understanding was that any residents living in a home were entitled to IDs. If i'm not mistaken, occupancy laws state that you may have up to two people per bedroom living in a home. So if you have a three bedroom home you should be able to get six IDs.

Agree. In the case of our relatives, that was all done with legal guidance. Not so sure about the MI people. Many of them were friends since kindergarten.

In 2008 myself, my wife, my mother & wife's mother all lived in our house.

We all had resident id's.
There was 1 amenity fee for the house.
And the trail fee covers the house.


As for the house ownership - my wife & I owned it.

Now, in 1998 in Wisc., my wife & I bought a house together with my parents. It was a side by side duplex. One mortgage, one deed, one tax bill.
When one of the owners passes away it becomes owned in THIRDS. No necessary very equitable to the spouse of the person that passed but in this case it was my parents and we bought out my mom at a fair half share!

Thanks for the responses, everyone!

I would think out all the obvious variable outcomes where one owner needs or wants to sell out before doing something like this. Any number of situations could develop between the partners.

Same friends who rent to title 9?

My sons wife's family owned a large cottage near the ocean in Rhode Island, I think 8 couples were on the deed. One couple lived there in the winter, the others shared time in summer. It was lovely while it lasted BUT as people got older and some died, not so lovely. They sold it last year amid much squabbling and bitter recriminations. And these are people who are family and really fond of each other. Still came to lawyers and unhappiness.

It really is a crap shoot. So much better to have an agreement drawn up by an attorney, including who will inherit, what will happen if divorce, etc., what the kids will be expected to do, etc. I think there was an article about this in the NYT a while back.

Families in MI tend to take a less litigious view, at least in West MI. It's usually just settled in the family & friends. Other states might be different.

Please explain !!!!

Wrong law.
 

Originally Posted by nitehawk https://www.talkofthevillages.com/fo...s/viewpost.gif
my neighbor owns 3 rental homes. He rents them out to people on section 8, said he is making money and looking to buy more homes

My wife and I have rented with a couple of longtime friends for the last four years and strongly considered buying a place together. It would have worked well as we all get along perfectly, like the same things (men are golfers and pickleball players, ladies are yoga, zumba, and we all like to eat at the country clubs and go to the squares and dance. None of us had any intention of being in TV more than 4 to 6 months, and the savings on taxes, fees, utilities, etc would have made it very affordable. We checked early on and were told that as long as everyone is on the title up to four people can be issued resident passes and one amenity fee covers all. We had a tentative buy-sell agreement worked up that would have provided for either couple to opt out and offer the other couple the right to buy at a set price, and the same in case of death. Before you jump on me (I know this forum), only the guys play golf and pickleball so we would require no more tee times, or court time than a man and wife who golf and pickle. As it turned out, my wife and I bought a small acreage next to our kids in Missouri, and realized we would not be interested in being in Fl for more than a couple months a year, making buying unrealistic. Our friends bought a home in Sanibel this June, and we will be renting a bedroom from them in Feb. and March. She is planning to relinquish her resident pass for those two months to me so that he and I can play golf (we play at the earliest possible tee times so we don't take favored tee times from anyone else - often the foursomes are not filled at that time). It will be different from renting from someone else and being equals in the equation, so I am interested to see how it plays out, but I am pretty confident it will work fine. I am a little more outgoing than he is and his wife is a little more outgoing than mine, so it works well to keep us all active and on the go.

OP asks a question about rules and legalities and gets four pages of relationship advice.

Still does not explain what "Same friends who rent to title 9?" What is title 9