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Equity Share
Shared Vacation Home: Half a Condo or Half a Home
This is when 2 or more individuals pool their resources together to purchase a larger or better location property than either could handle alone. This usually works best with individuals who would use the property for a month or less at a time or those who would be using at different times of the year. A rotating schedule could be set up so that each party has Prime Dates every other year. Of course any schedule agreed upon would work. The agreement would lay out all aspects of the use and maintenance of the property with enforceable provisions so that all parties are protected. Most often the expenses are equally shared but again any agreeable split is possible.
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This information is supplied by Great Condos, Inc. for educational purposes to introduce you to how this form of ownership may be used. All Deed and agreement documents will need to be written by an Attorney. It is also best to have your Tax Professional go over your specific Tax liabilities.