Should vacation fractional owners be allowed to sell their shares of the vacation home?
Those who purchase a vacation home with friends or family are often concerned that allowing co-owners to re-sell their shares will cause incompatible or unqualified co-owners to enter the group. But prohibiting individual re-sales, or requiring unanimous consent for them (which is really the same thing), may mean that there is no way for a co-owner to exit the group without selling his/her interest to another co-owner. The problem with this situation is that no other co-owner may be interested in purchasing an additional share. Moreover, even if another co-owner or group of co-owners is willing to purchase, there is little incentive for them to pay fair market price since the seller has no choice but to take whatever is offered. (Requiring that the price be based on an appraisal will not be helpful if the effect is to dissuade the other co-owners from purchasing.) An important thing to keep in mind when considering this issue is that personalities and lives change in ways that no one e
