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| DO VACATION FRACTIONAL CO-OWNERS WHO ARE CLOSE FRIENDS OR FAMILY REALLY NEED FORMAL DOCUMENTS? |
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© March 16, 2007 by D. Andrew Sirkin.
Any reproduction or use of this document or any part of its content
requires the written consent of the author. Contact Mr. Sirkin at
dasirkin@earthlink.net, or visit www.andysirkin.com
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 the most agreeable and easygoing people in the world, can disagree. The purpose of an agreement is to help resolve these conflicts quickly, inexpensively, and without ruining the personal relationships of the group members.
Even a well-prepared co-ownership document should be used only in the event friendly relations among group members break down. While it is useful to have owners’ rights and duties well defined, relying on the agreement to dictate a response to actual events is unwise. Even the best agreement will rarely anticipate all circumstances, and applying a formulaic response that does not quite fit the situation may not reveal the best course of action. Such an approach encourages group members to adopt firm positions based on agreement interpretations, and an impasse may develop. A better strategy is to rely first on discussion. The goal should be to develop a consensus that all owners can accept even though some may believe that the agreement dictates a more personally advantageous decision. If a consensus cannot be reached, the co-ownership agreement can provide a final resolution.
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