34 Los Cabos Magazine | Spring 2016 R E A L E S T A T E Los Cabos sunsets are among the many reasons more and more people are coming to Los Cabos; fractional ownership can make owning a slice of paradise easier. Joseph A. Tyson be used for repairs or replacement due to normal wear and tear. If the property will be used for vacation rentals, it is critical you specify in your contract how the profits will be allocated and who will be responsible for marketing and administering the rentals. Last, your contract should specify what will happen if one of the parties decides to sell his share of the property. It is best to discuss this with the attorney who will be handling the closing. Your contract should discuss under what terms one party can buy out the other and what procedure should be followed to conform to Mexican law. The closing attorney can help draft paperwork that will be acceptable to the bank holding the trust and the notario público who will preside over any future transactions. There is one more very important caveat left to consider. The time-share industry also uses the term “fractional” to describe some of its high-end products. It is critical that you educate yourself about the differences between the two offerings and choose the one that is right for you and your circumstances. Consulting with an independent real estate agent should be done before you begin searching properties. Fractional or shared ownership is a great option for those who can’t be in Los Cabos for long periods of time and can make owning a luxury vacation more than just a dream—it can become an affordable reality. Y Carol Billups is broker-owner of Cabo Realty Pros in Cabo San Lucas and has been helping clients find the perfect Los Cabos property for more than 15 years. She can be reached at firstname.lastname@example.org, cell 044-624-147-7541, or at www.caborealtypros.com.
Los Cabos Magazine #43
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