I get a lot of calls regarding some of the partial ownership listings that are currently listed on the South Lake Tahoe MLS. The partial ownership listings sometimes look too good to be true, that’s because they are! According to the Tahoe Keys Property Owners Association it is against the Governing Laws of the Association to sell partial ownership shares of a property within the Tahoe Keys.
The following information was posted on the Tahoe Keys Property Owners website:
Several Tahoe Keys property owners and the Tahoe Keys Property Owners Association (TKPOA) Board of Directors have noticed properties in the Keys being advertised for sale on a partial share or less than whole conveyance basis. All realtors and property owners should be advised that it is against the Governing Laws of the Association to sell, or offer for sale, partial shares or other than whole conveyance of any property in Tahoe Keys.
The Governing Law is part of the Association CC&R’s and the restrictions of property conveyance are stated in Article VIII, Sections 2(c), 3, and 20(a). Specifically, Article VIII, Section 3(c) states, “Dwellings shall not be rented, leased, or conveyed on a time share or interval ownership basis (as defined in California Business and Professions Code Section 1103.5 or comparable superseding statute)…,” and Article VIII Section 20 (a) states, “…no lot shall be further subdivided nor shall less than all of any such lot be conveyed by an owner…”
Any sale or offer for sale of partial shares or other than whole conveyance is subject to fine assessment against the property owner and a potential lien on the property. Please share this information with your colleagues and advise your buyers and sellers of this restriction.
The next time that you see a property for sale in the Tahoe Keys that is being sold as a partial ownership share you will know that it is too good to be true!
Here is a current list of houses for sale in the Tahoe Keys. For more information about the Tahoe Keys Real Estate market please call Brent Johnson at (530) 416-2625!