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Tenancy in Common, or referred to as a TIC ownership, is not necessarily unique just to San Francisco, but this type of ownership is prevalent throughout the city. Buyers must understand the pros & cons of this type of group ownership and as it relates to condo conversion. This document, updated in February 2009 by the law firm of Goldstein, Gellman, Melbostad, Gibson & Harris LLP, provides in-depth knowledge of today’s laws effecting condo conversions in San Francisco. Included you will find the answers to: - What is a Tenancy In Common (TIC)?
- Why are TICs so Popular in San Francisco?
- Are TICs Legal?
- How are TICs Organized?
- How are TIC Percentage Interests Determined?
- How are TIC Mortgages Shared?
- How are TIC Expenses Paid?
- How are TIC Group Decisions Made?
- How are TIC Formed?
- What Should be Included in a TIC Agreement?
- How are TIC Agreements Prepared?
- Can I Sell My TIC Interest?
- How are TIC Re-Sales Financed?
- What are the Tax Benefits of TIC Home Ownership?
- What San Francisco Laws Currently Affect TICs?
- What are the State Requirements for Larger TICs?
- How Can My TIC Property Become Eligible for Condominium Conversion?
- What Steps Should a TIC Group Take to Prepare for Condominium Conversion?
- Do Evictions Affect Condominium Conversion?
- What are the Risks of TIC Ownership?
- How Might I Become Involved in a TIC Group?
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