San Francisco CA Tenancy-In-Common/Condominium Comparison – TIC Report Released

The report is the most recent addition to the company’s range of valuable and informative resources on the property market in Sonoma Country, Napa County and the East Bay area.

More details can be found at http://blacklabel-realestate.com

Black Label Real Estate’s recent article has been developed alongside the company’s extensive real estate services, including property valuations, marketing and sales negotiations.

The report begins by outlining the ownership details of both a condominium and a tenancy-in-common (TIC), stating that with the former, each property owner solely owns their own condo, but in the latter, each owner purchases an undivided interest in the same property. As such, TIC ownership can be more complex, as each owner could argue their right to have access to all and every part of the entire property – not just the part they reside in.

With condominium ownership, the article details that there are common areas that are regulated by a Homeowners Association (HOA), with some exclusive rights granted to outdoor spaces such as a garage or deck. However, for TIC owners, their agreement should state that they have exclusive occupation rights of a particular unit, and non-exclusive rights to specified common areas.

Elsewhere in the report, the author details the differences in rules for TIC and condominium ownership, explaining that for condo owners, there are state laws in California that apply to the HOA, creating a baseline set of rules that must be adhered to. In the case of TIC agreements, there are no similar rules in place, as each agreement is considered to be a private contract that’s unique from property to property – and is entirely ungoverned by local or statutory regulations.

Black Label Real Estate goes on to compare the main similarities between the two types of ownership, pointing out that when difficulties or disputes arise in regard to such concerns as noise, repairs and maintenance and pets, owners are unfortunately in the same situation of living in close proximity to other tenants. As a result, these issues can become personal and difficult to resolve.

Interested parties can find out more and read the full report at http://blacklabel-realestate.com

Black Label Real Estate
Black Label Real Estate
http://BlackLabel-RealEstate.com
Tim@BlackLabel-SF.com
+1-415-347-0984
1160 Battery St. East
Suite 100
San Francisco
United States

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