Sharing a Recreation Property

[Flubber]

We are looking at purchasing a recreation property with another family in the mountains-- 5 wooded acres with a cabin, near lakes, skiiing and nature trails

WE are planning to enter into a comprehensive property sharing agreement setting out costs , usage, capital improvements, right of first refusal etc etc. The family are old friends ( I have known the dad for 35 years and was roomates with him in college). We have similar philosophies on wanting a property long term for family recreation usage.

We have reserached the insurance, tax, utilities and other carrying costs. We are aware that a half interest can be tougher to sell and are ok with that. WE still have a fair ways to go-- The property we most like is more costly than we think it is worth but thats a negotiation

Has anyone had any experience with sharing a rec property? Are there any particular pitfalls that you can warn about. We hope that by partnering with sensible long-term friends with a good income, issues should be minimized and attempting to write down all the rules now is the best way to avoid future problems.

Anyone with any thoughts or experience?

[Dinner]

What happens if you both want to use the cabin on the same date? Also how would you resolve the issue if some consistently doesn't live up to their side of the agreement? Lastly, what happens to your credit if he falls ill or loses his job and thus cannot make his half of the payment? Maybe having you both pay into a contingency fund (encase of illness, job lose, or just plain inability to pay) so that way you'd both have at least a few months of breathing room should something serious happen.

[Al B. Sure!]

What is up with all the WE's?

[DRoseDARs]

People with excess money and a willingness to flaunt it always refer to themselves in the majestic plural. Didn't you know that?

[Caligastia]

right of fist refusal etc etc

Good move. Fisting should not be mandatory.

[Wiglaf]

The first thing you really need to watch out for is bringing condoms (if this is really a group sex thing, which it honestly seems like it is) because there's not usually a CVS in the mountains. The other important thing, and I cannot emphasize this enough, is that you need to sign a contract that lets you get out of the agreement if this other family dies at some point. It could be because of a bear attack or natural causes or whatever, but you do NOT want to be stuck with the bill for the entire five acres or you'll wish the bear had gotten you instead.

[Al B. Sure!]

which it honestly seems like it is) because there's not usually a CVS in the mountains.

Okay... that means that we can rule out a few states as the home of the poster who has Wiglaf as his DL... Washington state, Oregon, Utah, Colorado, Idaho, Wyoming, South Dakota, and Arkansas. And he has to be an American.

[Wiglaf]

You can also probably rule out Pennsylvania, detective, since I can't think of one ****ing redeeming quality in the whole state. I drove through Philadelphia one night and found a prostitute on my roof the next morning.

[Al B. Sure!]

Did you do like a typical DCer and kill her?

[Asher]

Okay... that means that we can rule out a few states as the home of the poster who has Wiglaf as his DL... Washington state, Oregon, Utah, Colorado, Idaho, Wyoming, South Dakota, and Arkansas. And he has to be an American.

You assume only one person posts as Wiglaf.q

[Al B. Sure!]

You assume only one person posts as Wiglaf.q

Damn you, Asher!

[Dinner]

Good move. Fisting should not be mandatory.

Don't tell Looinburger. The bastard is crazy for fisting.

[Dinner]

The first thing you really need to watch out for is bringing condoms (if this is really a group sex thing, which it honestly seems like it is) because there's not usually a CVS in the mountains. The other important thing, and I cannot emphasize this enough, is that you need to sign a contract that lets you get out of the agreement if this other family dies at some point. It could be because of a bear attack or natural causes or whatever, but you do NOT want to be stuck with the bill for the entire five acres or you'll wish the bear had gotten you instead.

The really scary thing is what if the bear is into fisting? Death by anal hemorrhage?

[Dinner]

You can also probably rule out Pennsylvania, detective, since I can't think of one ****ing redeeming quality in the whole state. I drove through Philadelphia one night and found a prostitute on my roof the next morning.

The thing which pisses me off about Pennsylvania is even obvious nondrinkers like Hillary Clinton feel they have to go to a bar to drink a Budweiser and a shot of whiskey while campaigning there. I mean seriously, this is how people in Pennsylvania decide who to vote for?

[Flubber]

What happens if you both want to use the cabin on the same date? .

That ones easy-- The agreement provides draw a name out of a hat for the first week of the first year we get it and alternating weeks are assigned to each family after that (each Jan 1 we flip who gets the first week so that one family doesn't get the same holiday dates on their week each year)

So any given date "belongs" to one of the families. If I want to use the place on a given week that is NOT mine-- I call them up and ask for a trade which CAN be refused if they plan to use it. I see this as no big deal-- you know your weeks far far in advance and plan accordingly

Also how would you resolve the issue if some consistently doesn't live up to their side of the agreement? Lastly, what happens to your credit if he falls ill or loses his job and thus cannot make his half of the payment? Maybe having you both pay into a contingency fund (encase of illness, job lose, or just plain inability to pay) so that way you'd both have at least a few months of breathing room should something serious happen.

The defaulting friend scenario is one no agreement can really provide for. Any enforcement of legal rights would be difficult. The one remedy that we are considering is a "shotgun" clause. basically if I don't want to be a joint owner anymore I trigger the clause and set a price for a 50% interest in the property. They can they either buy me out or sell to me at that price with failure to respond being deemed as as an election to sell. Either way the jointness of the property ends. The reality is we are good friends who have known each other for 35 years so I'm not too too concerned. I guess its a risk I am willing to take


WE are both paying cash so the only costs are the carrying costs which are the property taxes, insurance and utilities. We are setting up a fund at the outset with 500 each in it and are each going to pay in monthly the estimated expenses so we will have that breathing room (the expenses won't be that much anyway)