What best defines a fractional interest in land?

A fractional interest in land is best defined as an undivided interest created for sale or lease. This means that a fractional interest does not signify complete ownership of a specific portion of the property but rather an interest that shares ownership with others in a collective whole.

For example, when multiple parties own a fractional share in a piece of land, each individual holds a percentage of the entire property rather than distinct sections of it. This arrangement accommodates many investors who may not want — or be able — to afford full ownership but still desire to invest in real estate or utilize land.

In contrast to the definition of fractional interest, an interest strictly for investment purposes may not involve shared ownership, and a sole ownership interest pertains to complete control over a singular property, which does not involve the concept of fractions or shares with other parties. Similarly, an interest requiring division for future sale doesn’t align with the nature of fractional interests, which are already structured as shared ownership rather than partitioned interests meant to be divided further.