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| SHOULD FRACTIONAL VACATION HOME CO-OWNERS BE ABLE TO FORCE A SALE OF THE ENTIRE VACATION HOME? |
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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. Mr. Sirkin is chief attorney for Paris Pied-à-Terre Fractional Ownership. Contact Mr. Sirkin at
dasirkin@earthlink.net, or visit www.andysirkin.com
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 make leaving possible, but selling partial interests may be difficult or impossible due to market conditions, bad group dynamics, the condition of the property, or other unpredictable factors. So even if individual sales are permitted, it makes sense to create a realistic, guaranteed exit strategy. Typically, this means picking a time in the future when it will become possible for any of the co-owners to insist that the others either buy them out based on fair market value, or sell the entire property.
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