TIC
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So the question is "What is the difference between a tenancy in common
and a condominium?"
In a condominium, property has been legally divided into physical parts
which can be separately owned.
Each condo owner owns a particular area of the property which is
delineated on a map recorded in the public records,
and has a deed which identifies the area which is individually owned.
By contrast, TIC owners own percentages in an undivided property
rather than particular units or apartments, and their deeds show only
their ownership percentages.
The right of a particular TIC owner to use a particular dwelling comes
from a written contract signed by all co-owners
(often called a “Tenancy In Common Agreement”), not from a deed,
map or other document recorded in county records.
The difference between physical division of ownership in county records
(as in a condominium) and an unrecorded contract allocating usage rights
(as in a tenancy in common) is significant from both regulatory and
practical standpoints.
Lastly, you may find more TIC buildings within the city of San Francisco.
꼭님이 2008-03-05 09:45:06에 쓰신글
>TIC와 Condominium의 차이에 대해 알고 계신분 있으신지요?
and a condominium?"
In a condominium, property has been legally divided into physical parts
which can be separately owned.
Each condo owner owns a particular area of the property which is
delineated on a map recorded in the public records,
and has a deed which identifies the area which is individually owned.
By contrast, TIC owners own percentages in an undivided property
rather than particular units or apartments, and their deeds show only
their ownership percentages.
The right of a particular TIC owner to use a particular dwelling comes
from a written contract signed by all co-owners
(often called a “Tenancy In Common Agreement”), not from a deed,
map or other document recorded in county records.
The difference between physical division of ownership in county records
(as in a condominium) and an unrecorded contract allocating usage rights
(as in a tenancy in common) is significant from both regulatory and
practical standpoints.
Lastly, you may find more TIC buildings within the city of San Francisco.
꼭님이 2008-03-05 09:45:06에 쓰신글
>TIC와 Condominium의 차이에 대해 알고 계신분 있으신지요?
작성일2008-03-06 08:18
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