Is there a sample fractional ownership contract for the State of California?

Francesca
Both Buyer and Seller
96059

I have never seen a franctional ownership contract for a residential home, and would like to know what is included. If there is one available, I would like to take a look with the idea that it would help me in my search.

Answers (1)
Al Colhoun
Agent
Tahoe City, CA
FIRST ANSWER

Hello Francesca,
The State of California does not write or approve real estate contracts. Most real estate forms used by agents are written and approved by the California Assn. of REALTORS (CAR). They have not written or approved a specific contract for fractional ownerhips.

I believe what you are looking for is a sample of the use agreement and there is no universal form or contract. Each developer has had their attorney draft the use agreement specific to their project. If you have been looking to purchase a fracational ownership, I'm sure you have noticed the there are many different ownerships available, ranging from specific weeks, like at Old Greenwood and some of the Northstar developments to 1/6th, 1/7th, and 1/10th ownerships in condominiums and single family residences.

Most of them have restrictions against smoking, pet regulations, rental options and specifics as to use, trading time, additional time and any other items specific to the development. I hope that answers your question in general and I would be happy to discuss this further off line and help you with your search.

Best regards,
Al Colhoun
Prudential California Realty DRE #475100
Prudential Nevada Realty
Al@AlColhoun.com
530-913-0807

Web Reference: http://www.alcolhoun.com
Mon Jun 15 2009, 08:00

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