The Purchase, Financing and Sale of Fractional Interest Resort Properties
To make the ownership of real estate in highly desirable resort communities such as Whistler more affordable, some developers are offering to the public freehold ownership of fractional interests, usually in quarters.
Under this unique form of strata title ownership, an owner has registered title to a one-quarter interest in the condominium or townhouse. An Owners’ Association, acting on behalf of all owners in the complex, leases all of the units from the developer for the purposes of managing the units and collecting operating costs. The quarter interest owner in turn sub-leases their unit from the Owners’ Association for use one week out of every four. The unit may be subject to covenants relating to the rental of the unit when not in use by the Owner.
Purchase, financing or sale of quarter interest units are unique real estate transactions which often involve requirements not found in other real estate transactions. Chuck Piercey and Susan Pearson of Ratcliff & Company LLP are a highly specialized legal team familiar with these transactions.
For further info or to contact our real estate lawyers,
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Ratcliff & Company LLP - Suite 500, East Tower, 221 West Esplanade, North Vancouver, BC, V7M 3J3
