If one of the owners of a family vacation home decides to not continue with ownership, how do you handle it?

There are 3 owners of older and are planning for the next generation to take over this home. How do we fairly handle the potential of one wanting to sellout?

Asked on July 18, 2012 under Real Estate Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The best way to preserve the continued use of the vacation home by all families that wish to own the unit is for a written option to buy or right of first refusal agreement be drafted by a real estate attorney and signed by all owners including the one that wishes to sell his or her interests in the unit. Once signed, a memorandum of the document signed is to be recorded on the property.

The above suggestion prevents the need for having the home placed on the market and allows members of the remaining families who want to continue owning the vacation home.

 


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