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Old 12-04-2007, 11:02 AM
 
Location: San Jose, CA
7,688 posts, read 26,893,296 times
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I'm not currently on the market for a home, but one of the options I'm considering for the not too distant future is buying an R2 property in the Bay Area as a TIC, coordinating with another person to buy the other share. I'm trying to get a better idea of what kind of effort this involves to determine if this is really the way I want to go about it.

- What kind of professionals I would need to consult with
- The costs associated with this, especially if the seller originally had the intention of selling it as a single unit
- How to valuate dissimilar properties in same building (i.e. studio vs. 2/1)
- Any common pitfalls

Thanks a bunch!
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Old 12-04-2007, 11:12 AM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 20,328,900 times
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As a Tenant in Common (TIC) you own an UNDIVIDED share of the property. You don't own your half and your partner doesn't own his half, but you both own the entire property. You can sell your interest in the property as can your partner. Your half can be inherited as well.

You might want to consider forming a Limited Liability Corporation (LLC) to take title to the property where you could apportion shares in the company to allow for differences in the the size of the two units. I've formed a few LLC's in the past using register.com. Cost was about $400.

Either way you want to have a contract between the parties to predetermine who is responsible for what and you might want to include a buy/sell agreement as well.
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