Is this the same as a timeshare?

No, co-ownership or fractional ownership is different from a timeshare. With co-ownership, you own a percentage of the property, which means you can sell, donate, or transfer your share. Real estate ownership may carry certain tax implications, and we encourage every co-owner to consult their own tax advisor regarding their individual situation. Each share provides private use of your home for six or more weeks per year.

What are the advantages of co-owning a home?

Many people dream of owning a vacation property but find it financially out of reach or impractical given how rarely they would use it. Co-ownership or fractional ownership offers an ideal solution by allowing you to own a share of a premium vacation home at a fraction of the cost. This approach reduces the entry price and ongoing expenses while sharing the responsibilities of maintenance issues and ownership among a small, like-minded group of co-owners.

Why use a limited partnership to own the home?

A U.S. Limited Partnership or Limited Liability Company (LLC) structure keeps share sales and ownership rights within the United States. The LLC then forms the French or Italian legal entity that owns the property. In France, this is known as a Société Civile Immobilière (SCI). In Italy, it will be either the Società Semplice Immobiliare (S.S.I.) or an S.r.l. (Società a Responsabilità Limitata).

This carefully designed ownership structure — developed and proven by Sirkin Law — allows co-owners to be governed by familiar U.S. legal frameworks of the US LLC while the property ownership is managed through a national entity which is owned by the US LLC. We encourage every co-owner to consult their own legal and tax advisors regarding their individual circumstances.

What contract defines the ownership rights?

The Operating Agreement, signed by all shareholders, outlines the rights, obligations, and responsibilities associated with their LLC. It defines the LLC's assets and liabilities, including an initial estimate of monthly operating and maintenance fees, which, after the first year, are adjusted based on actual costs. The Agreement typically covers key areas such as Annual Meetings, budget approval, and the shareholder’s right to replace their General Partner.

What are the monthly fees associated with ownership?

Annual or monthly property fees cover homeowners’ insurance, property taxes, property management, internet and cable, utilities, bookkeeping, cleaning, and a contingency fund or reserve for maintenance. These costs are initially estimated in the LLC contract for the first year in euros per share, depending on the specific property features such as the house size, and whether it has a garden, or a pool.

Occasionally, capital improvements to the property are necessary. One of the key advantages of fractional ownership is that all property costs are shared among the LLC shareholders, significantly reducing the individual financial burden.

A local management firm will handle property maintenance, preparing the home for each shareholder's arrival and cleaning it after their departure. All service charges, including tax reporting and financial record-keeping, along with any replacement costs and expenses are passed through to shareholders as part of their monthly maintenance fees. This ensures a seamless and worry-free experience for all co-owners.

How are the private residency rights assigned to each shareholder?

The contract outlines an equitable process for scheduling home use among shareholders. The scheduling formula is tailored to the location of the home to maximize fairness and enjoyment. In the South of France, for instance, there is a peak summer season, "shoulder" seasons in spring and fall (thanks to the region's typical 300 days of sunshine), and a winter "off" season.

Can I rent or exchange my assigned time?

The contract will clearly define your rights regarding the use of your assigned private time. You are welcome to allow family and friends to enjoy your scheduled time, or you can exchange those dates with other shareholders at other homes. Additionally, there are several online platforms that facilitate home exchanges, whether through reciprocal arrangements or guest point exchanges. Notable platforms include HomeExchange and ThirdHome. These barter system platforms require more controlled negotiation between you and the person(s) using your time in your home, as opposed to renting your time through commercial rental platforms like VRBO or Airbnb.

How do we exit the co-ownership?

The contract outlines the process for selling your share of a co-owned home and how ownership is transferred in the event of death or divorce. While you cannot sell your share within the first 12 months of ownership, after this period, Joie de Vivre Homes can facilitate the sale of your share at an agreed-upon market value. Your share can be inherited by a single entity, including an individual or a trust if there are multiple beneficiaries. Additionally, existing shareholders have the first right to purchase available shares in their home at market value.

What is fractional co-ownership of a home in Europe?

Fractional co-ownership means you own a deeded share of a real property — in our case, a historic home in France or Italy. Each share represents a percentage of ownership and a corresponding number of weeks of private use per year. It is true real estate ownership, not a timeshare or vacation club.

How many people co-own each Joie de Vivre Homes property?

Each property is divided into a maximum of eight shares. Most co-owners purchase two shares, giving them up to 12 weeks of private use per year — perfectly aligned with the 90-day limit of a standard Schengen visa.

Can Americans own property in France or Italy?

Yes. Joie de Vivre Homes uses a U.S. LLC structure developed by Sirkin Law that allows American buyers to own European property under familiar U.S. legal frameworks. That US entity forms and owns a similar legal entity in the property’s nation that buys the home. In France, this is known as a Société Civile Immobilière (SCI). In Italy, it will be either the Società Semplice Immobiliare (S.S.I.) or an S.r.l. (Società a Responsabilità Limitata).

What is the Schengen visa and how does it affect my time in Europe?

The Schengen visa allows non-EU citizens to spend up to 90 days in European Schengen countries within any 180-day period. Purchasing two shares — 12 weeks of use — aligns perfectly with this limit, making co-ownership an ideal structure for American buyers.

Who is Andy Sirkin and why does it matter?

Andy Sirkin of Sirkin Law in San Francisco is one of the country's foremost experts in shared property ownership. The co-ownership legal structure he has developed and refined over decades is recognized, viable, and enforceable in every European country where Joie de Vivre Homes operates.

What if a shareholder fails to pay their monthly (or annual) fee?

If a shareholder fails to pay their monthly maintenance fee, the consequences are typically outlined in the Operating Agreement. Common actions include:

1. Late Fees and Penalties: The shareholder may incur late fees or penalties for missed payments, which are added to their outstanding balance.

2. Suspension of Use Rights: The shareholder's right to use the property may be temporarily suspended until the outstanding fees are paid in full.

3. Lien on Ownership Share: The LLC may place a lien on the delinquent shareholder's ownership share, preventing them from selling or transferring it until the debt is settled.

4. Collection Actions: The LLC may take legal action to collect the unpaid fees, including hiring a collection agency or pursuing a lawsuit.

5. Forced Sale of Share: In extreme cases, the LLC may force the sale of the shareholder's interest in the property to recover the unpaid fees. This sale could be offered first to other shareholders or to an external buyer.

The specific remedies and procedures will be defined by the terms set out in the Operating Agreement, so it's important for shareholders to understand these provisions and stay current with their payments.

Reservations & Escrow Process

How do I reserve a share in a Joie de Vivre Homes property?

When you decide you'd like to move forward with a share(s) purchase, we ask for a fully refundable reservation deposit of $5,000 per share. This deposit is held in a secure escrow account at the offices of Sirkin Law — one of the country's leading firms in shared property ownership — and is completely protected until you decide to proceed.

What happens after I place my reservation deposit?

Once all available shares for a given property have been reserved, we commission a custom Operating Agreement — drafted by Sirkin Law specifically for that home and its co-owners. This is the governing document that defines how the property is owned, scheduled, maintained, and managed. Every share buyer receives the completed Operating Agreement for their personal review before being asked to make any further commitment.

What if I review the Operating Agreement and decide not to proceed?

No problem — and no penalty. Because you are reviewing the Operating Agreement for the first time at this stage, you have the right to withdraw for any reason. Your full $5,000 reservation deposit will be returned to you promptly.

What if I'm happy with the Operating Agreement and want to move forward?

Once you've reviewed and approved the Operating Agreement, you'll be asked to sign it and increase your escrow deposit to 10% of your total share(s) purchase price. This increased deposit — also held securely at Sirkin Law — signals to all co-owners that the group is committed and ready to proceed.

What happens next?

With all co-owners committed, Joie de Vivre Homes — acting as General Partner for the US LLC — makes a controlling offer on the property. From that point, we move through standard real estate due diligence, including inspections and any applicable contingencies. If all contingencies are satisfied, we proceed to an all-cash close of escrow. Prior to closing, each co-owner will be asked to deposit the remaining 90% of their share(s) purchase price into escrow to complete the transaction.

Is my money safe throughout this process?

Yes. At every stage, your funds are held in a dedicated escrow account at Sirkin Law — not by Joie de Vivre Homes. This means your money is protected, accounted for, and fully refundable until you have personally approved the Operating Agreement and chosen to move forward.