Buying a vacation home with friends? Call a lawyer first

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The idea of co-owning a vacation home with your best friends or siblings may sound like a great idea. Until you talk to lawyers.

This article is reprinted by permission from The Escape Home, a newsletter for second homeowners and those who want to be. Subscribe here. © 2021. All rights reserved.

Aside from the fact that the pandemic caused half the “per-person nights” to go unpaid this year, the group is struggling to salvage the arrangement. The original members of the group “thought it would exponentially grow, but it didn’t… it’s getting more and more complicated,” the woman said. What’s the solution? The Escape Home asked Jonathan Sabin of Parese & Sabin, a law office in Williamstown, Massachusetts — a common second home destination for Williams graduates, lovers of the Berkshires, skiers and lake aficionados. He offers advice for how to manage co-owning real estate. Sabin typically represents people buying or selling homes and developers of commercial property.

 

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