WHAT ABOUT REPAIRS AND MAINTENANCE?
The co-owners can decide amongst themselves who is responsible for repairs and maintenance. Whether one person supervises all required maintenance and submits a bill to the rest, or if each co-owner agrees to take turns, however the parties wish to allocate responsibility to any area of the ownership details is up to them.
WHAT DO I NEED TO INCLUDE IN MY FRACTIONAL OWNERSHIP AGREEMENT?
The choice to enter into a Fractional Ownership Agreement for a boat, aircraft or other expensive item is a common decision many people make when they wish to purchase these kinds of properties. The most important function of these documents is to make it clear to each owner or potential co-owner what they can and cannot do with their share of the property. A well drafted Fractional Ownership Agreement will allow for everyone to enjoy their new purchase, while a poorly drafter document, or even worse, no agreement at all, will lead to endless problems.Fractional Ownership of a Yacht Agreement More Information Click Here