Fractional Ownership
/ˈfrækʃənəl ˈoʊnərʃɪp/
Definitions
- (n.) A legal arrangement where multiple individuals or entities hold undivided interests in a property, sharing rights and responsibilities proportionally.
The family engaged in fractional ownership to collectively invest in the vacation home.
- (n.) A method of property or asset ownership enabling shared usage rights, often used in real estate, aircraft, or yachts.
Fractional ownership agreements are common in shared private jet usage.
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Commentary
Fractional ownership differs from tenancy in common by contractual agreement terms; precise drafting is crucial to outline usage rights and obligations.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.