It’s mid June and (almost officially) summer time. Some people think or dream about vacation homes. The WSJ has this helpful reminder of various questions to be explored if you’re in the market for sharing a vacation home (or any other property) with other people. As one person in the article puts it, “you need a real estate prenuptial.”
(1) Start small – go for a pre-existing, planned community with maintenance and pool included.
(2) How to use the property – time share? rent?
(3) What if one co-owner can’t afford to stay in? How do you buy them out? Rights of first refusal to the other parties?
(4) Who pays for maintenance, repairs, and upkeep?
(5) Use a shared bank account? Put the property into a LLC or trust?
(c) 2014, Stephen M. Johnson, Esq.