Friday, March 27, 2009

Wellfleet Partial Sale - A New Trend?

Wellfleet Cape HouseA new listing showed up on the Multiple Listing Service (MLS) today. A home in Wellfleet is for sale, but only a 49.5% ownership. The Buyer would share all expenses, deductions, and use, of the home. The Seller would retain the 50.5% share and would have rights to the July weeks, with the Buyer getting August. The remainder of the weeks would be 'mutually' split. The Seller concedes that the Buyer could have the winter weeks. The asking price is about 54% of the current assessed value. Hmmm!

I see this kind of time-sharing as problematic. Who decides when a new roof is necessary? Does the minority owner have any say as to how his/her money gets spent? Who ensures that the taxes get paid? Can someone get a mortgage for a partial share? Lastly, what happens when the majority owner wants to sell his share?

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