New York Times Covers Fractional Homes Print E-mail
Written by FracReporter   
Saturday, 04 April 2009 02:38
The article covers 6 owners who are trying to sell shares in their vacation homes in different parts of the US. The writer, Amy Gunderson, raises some good points on the legal and other aspects of fractional homes.

Amy Gunderson notes in the article “For one thing, insurance can prove difficult to obtain from an existing provider, so sellers may have to shop around for a new policy. There are also local, state and, in the case of foreign countries, national laws to contend with when breaking up a property for sale. Homeowner association rules may affect the sale, while state laws covering timeshares may require an owner to register with the state and even submit all advertising for the property for approval.”


The article quotes Paula Gold-Nocella, the founder of Global Quarters, a brokerage focused on fractional ownership, who notes that sellers can be motivated by several factors.

Andy Sirkin, a lawyer with Sirkin Paul Associates, had provided advice for one of the sellers. This included a 55-page document covering basics like cleaning services and when to replace the couch to bigger issues including the building of a reserve fund and rules on how owners can sell their shares.


The FractionalReport Directory includes listings of other fractional lawyers.
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