Who wouldn’t want to live in San Diego, especially by the beach? But paradise comes with a hefty price tag, so why not think about pooling your resources?
Separate areas! Private living spaces! Mortgage divided! Voila live the dream!
Breaking Up The Pie!
Here are a couple options to consider for holding title in Fractional Ownership.
Joint and equal interests in land owned by two or more individuals created under a single instrument with right of survivorship.
Example: John Doe and Mary Doe, husband and wife, as joint tenants.
Tenancy in Common:
Under tenancy in common, the co-owners own undivided interests; but unlike joint tenancy, these interests need not be equal in quantity and may arise at different times. There is no right of survivorship; each tenant owns an interest, which on his or her death vests in his or her heirs or devisee.
Example: John Doe, a single man, as to an undivided ¾ ths interest, and George Smith, a single man as to an undivided 1/4th interest, as tenants in common.