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Vacation Home, TIC
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sunflower_calif
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Registered: 11-07-2009


sunflower_calif

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I am interested in a purchase which involves a beach house home, as a vacation property, where I will be 20% owner.  Does anyone have any "lessons learned" on what I should be looking to state in the "tennants in common" contract or items I should make sure exist ?
Kudos!
11-07-2009 03:32 PM
 

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Re: Vacation Home, TIC
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Nanomug
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Registered: 05-30-2009


Nanomug

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How picking dates to use the property will work?

 

What happens if one shareholder wants to sell?

 

What happens if one shareholder dies?

 

What happens if one shareholder couple gets divorced.

 

How is maintenance handled?  Who chooses what needs to be done? 

 

Who decides when furnishings need to be replaced and who gets to pick?

 

Are funds put away for maintenance or is each owner responsible to come up with the amount when needed? 

Kudos!
11-07-2009 05:53 PM
 

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Re: Vacation Home, TIC
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sunflower_calif
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Registered: 11-07-2009


sunflower_calif

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That is a good start.  

I also had down smoking rules and pet rules and rental options for the weeks I own....

 

I guess I may have to consult a lawyer with this type of contract.

 

I'm also wondering how they share the Food that stays.... maybe it is like any cabin, bringing your clothes and food each time it is your turn and taking it all back home again.....   Not Good !!!

Kudos!
11-07-2009 06:23 PM
 

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Re: Vacation Home, TIC
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Nanomug
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Registered: 05-30-2009


Nanomug

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When we owned a vacation cabin in the mountains we rented it out.  We kept a closet locked with our personal things including shelf staple food.  Every time we rented it out there was food left.  The frozen stuff we kept and the rest was thrown out.  We had a cleaning company clean the place.

 

Food staples like salt pepper along paper goods should be figured out as well. 

Kudos!
11-07-2009 10:46 PM
 

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