
It's common to think of acquiring a second home as a full owner. In its purest form, full ownership of a second home means only one person's name on the title and the mortgage. However, it is not unusual for couples to have both names on the home's legal documents and still consider it a full ownership situation.
Nevertheless, there are also types of partial ownership where more than one person has rights to the real estate asset.
"Partial" or "multiple" ownership means more than one person owns a home together. These people could be siblings, parents and their children, other family members, friends, business partners, and even people who have no relationship to each other except as co-owners.
Partial ownership arrangements often arise when individuals cannot afford a second home independently. While a co-ownership deal might help you achieve an otherwise unreachable goal, it is usually more complex than full ownership.
There are three primary ways second home partial ownership can be handled.