Asked by Jbell7866, South Lake Tahoe, CA • Sat Aug 10, 2013
We are currently looking at inventing in a 1/5 fractional ownership of a home in Truckee. We all agree we must hire an attorney up front to prepare all the required agreements to describe and agree on everything but we are not sure how to get financing. Are there lenders out there that would finance a fractional ownership with separate deeds on each owner reflecting the 1/5th ownership? We do not have the flexibility to make this a cash deal and are not interested in sharing one Deed with all partners. We want the flexibility to be able to sell individual shares down the line.
Also, does anyone know what happens when one partner sells his share? Does the property tax go up for all partners or only the share that is sold? I understand all states handle this differently.
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