Tenants in Common (TIC)
I would like to know if anyone is familiar with TICs. What are the pros and cons? Would any suggest it for a Brooklyn Brownstone? Personal stories or links would be great! Thanks.
I would like to know if anyone is familiar with TICs. What are the pros and cons? Would any suggest it for a Brooklyn Brownstone? Personal stories or links would be great!
Thanks.
Do not do this!!!
TIC will come back and bite you in the ass
Google Sbeglia, and you will see what I mean.
He REALLY screwed his partner over TIC
It’s really a legal question – you can hold title in NY 2 ways if you are not married: tenants in common, which gives either owner the theoretical right to sell his/her share (or leave it via a Last Will and Testament) to someone one else without the consent of the other owner; OR joint tenants with right of survivorship, meaning if one owner dies, the other gets it all.
Several posts lately, two by me on this issue. Check archives. How committed are you? It’s hard in this untrusting city to find partners, and of course you’ll find plenty of nay-sayers here. I could not find a partner after plenty of looking when I was planning to sell 1/2 my house.
Cons: single mortgage, need high level of trust, difficult to sell/get out of.
Pros: if you need to buy with a partner. Can convert to condo theoretically. Quite easy to do. No need for LLC. Simple TIC agreement (my lawyer’s I could even understand.)
Personal story is from SF. No problems.