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What Is Fractional Ownership?
In its simplest form, fractional ownership of real property is simply ownership by more than one person of a home, apartment or other real property, with such ownership held as tenants in common (vis-à-vis other owners), rather than joint tenancy. In addition, rights of usage and occupancy are separated for each owner, rather than being commingled. In other words, each owner has separate periods of time for which the ownership carries the right to sole and exclusive occupancy of the property.
In order to allow for efficient and inexpensive transfer of ownership rights, most fractional ownership projects encompass the ownership rights within a legal entity structure, such as a corporation, limited liability company, non-profit organization or a foreign entity. This allows for change of ownership interests without the need for modification of the vesting title in the jurisdiction where the property is located.
Utilizing a legal entity becomes even more practical when the number of owners exceeds 2 or 3. In addition, using a legal entity allows for easy application of a uniform set of rules and regulations governing the operation of the property and the various ownership interests.
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