Pacaso, a real estate platform that helps people buy and co-own a luxury second home, celebrates a monumental moment for co-ownership with the passage of Utah SB 271.
The passage of the bill, sponsored by Sen. Michael McKell and Rep. Val Peterson, means the benefits of Pacaso’s second home co-ownership model can be offered freely throughout the entire state of Utah, opening the door for more people to second home ownership.
“This is the first time that state legislators have passed co-ownership legislation,” said Austin Allison, Pacaso CEO and co-founder. “We are grateful to the Utah legislature for recognizing the value and legality of co-ownership. This bill reaffirms that individuals, friends, and families have the right to co-own and enjoy a home together without interference.”
“Utah has always been a state that has protected property rights and the right to own and enjoy a home. I’m proud our State is willing to preserve and stand behind this right by supporting this legislation,” said Senate bill sponsor Sen. Michael McKell.
At Pacaso, second-home demand has been off to an active start in 2023. Deposits have increased by 90% in the first two months of 2023, compared to the last two months of 2022.
;
