Teton Pines Homeowner’s Association – new rule announcement
The Teton Pines Owner’s Association has become aware of a new real estate trend which involves an LLC or other entity purchasing residences which are then resold as multiple fractional ownership interests to other buyers. We remind TPOA Owners, potential buyers of Teton Pines residences, the realtor community and title companies that Teton Pines is a single-family residential development. Our CCRs do not allow these structures. The Board has modified the language of Community Rule 6 to make this prohibition clear to all parties.
We have posted the change on the TPOA website. The new rule now reads as follows:
Pursuant to Article 1, Section 4 and Article VI, Section 2 of the CC&Rs, Owners shall use their sites and residences for single family residential purposes only. Any time-sharing or other similar arrangement, such as fractional ownership or co-ownership as tenants in common by an unrelated group of people, whereby the use of the Lot is in effect allocated between different persons for separate or repeating time intervals, is expressly prohibited. Owners shall use and/or occupy their sites and residences in a manner consistent with all applicable Teton County, Wyoming Land Development Regulations and other applicable laws.