What is a Lockout/Lock-Off?
Lockouts or Lock-Offs can have between two and four bedrooms and at least two separate sections. Four bedroom lockouts can comfortably sleep 16 guests. The owner of a Lock-Off has several options when renting his or her unit resale. He or she can choose to rent out the entire unit to one party, to stay in one half of the unit and rent out the other half, or to rent out both halves to different parties.
When renting or buying lock-off units, it is important to be clear as to what, exactly, the lock-off unit entails. Though the full unit may have a full kitchen and laundry facilities, for example, the locked-off portion will likely be more in line with a hotel room: one room, a bathroom and possibly a small kitchenette. When renting or buying, make sure you have, in writing, the parameters of the Lock-out unit. The most secure way to do this is with a third-party escrow agreement.