4 Master suites Come for the fun... stay for the views! Fractional Ownership Ever wish you had several friends to share in the purchase and maintenance of a dream vacation home? Now you do! Fractional ownership is essentially partial ownership of a property. With fractional ownership, a property is owned and shared by at least two, and often several, individuals. This type of ownership is popular with vacation properties, resorts, airplanes and yachts. Villa Gabbiano in June Lake is fractioned into 10 owners and deeded as "tenants in common" to each owner. To understand fractional ownership, consider a large and expensive property that may be difficult to purchase and care for on your own. Instead of becoming the sole owner of the property, you purchase a share of it, as do 9 other people. Now, you own 1/10 of the property and have others to share in the burden of maintenance, taxes and other related expenses associated with property ownership. In addition, you maintain all of the benefits of property ownership such as income tax deductions, real estate appreciation, complete run of the property during your stay, a voice in how the property is managed and the ability to buy and sell your share just like any other piece of real estate. Fractional ownership should not be confused with a timeshare where the buyer only owns a segment of time and right to use a property, usually a week or two per year, and shares that right with up to 52 owners. Most timeshares are permanently controlled by a developer or hotel operator, and timeshare buyers are viewed more as repeat hotel guests than as property owners. This arrangement provides little incentive for management to maintain high standards after the last timeshare interest is sold. Fractionals operate much like a homeowners association. Owners establish the rules and regulations and retain ultimate authority and control over their property. Day to day operational responsibility is delegated to a manager or management company, but owners retain the right to replace management if it is not performing. For more detailed information on fractional ownership, we recommend visiting the following websites: www.andysirkin.com/HTMLArticle.cfm?Article=14 www.sirkinfractionallawyers.com/short_format/fractionals_versus_timeshar.html  ©2010 June Lake Fractional Real Estate