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People and circumstances change in unforeseeable ways, and new people can come into a co-ownership group at any time as a result of death or other unexpected events. When these changes occur, even the best of friends, the closest of families, and
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As I mention above, it is critical to recognize that the lives of each of the co-owners will change in ways they do not expect, and there must be a way for co-owners to leave the group. Allowing co-owners to sell individual shares is one way to
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People and circumstances change in unforeseeable ways, and new people can come into a co-ownership group at any time as a result of death or other unexpected events. When these changes occur, even the best of friends, the closest of families, and
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Deciding how the vacation home will be used is usually the first step in structuring the co-ownership arrangement. Focusing on usage first usually makes the rest of the organizational process easier. This is because a co-owner’s right to use the
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The starting point for allocating property tax among the co-owners should be the amount that each co-owner paid for his/her interest. When the property tax is increased as the result of the resale of a fractional share, the buyer should pay the
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If a co-owner deliberately goes into default by absenting themselves without making arrangements to maintain their share of the mortgage - subject to a time-limit of two months - the remaining co-owners can rent the absent party's space (paying his/
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If a co-owner is in breach of the Share to Buy Legal Agreement by failing to make their share of either the mortgage repayments or insurance premiums, then the other co-owner/s either singly or together can require that person to remedy the
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It is likely that new lodgers or purchasers of a share in the property will be found among existing friends or colleagues of the current owners. Should a new lodger or purchaser be proposed who is not acceptable to those remaining, they should make
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Each co-owner is responsible for the boat whilst it is under their control (or the control of one of their additional users) and they are expected to take the same care of it as if they were the sole owner. At the end of each holiday period, each co-
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At the outset the percentage share of the property owned by each applicant is set out, and is based on the combination of deposit and mortgage borrowing contributed by each. When a share is sold then their share of the mortgage is repaid to be
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