TIC Agreements also know as “Tenancy in Common” Agreements are contracts between individuals to jointly own a piece of real property that was not necessarily built for multiple discrete owners. For example, if two couples buy a two story house and one couple lives on the top story and the other lives on the bottom, even though they are no actually separate condos, those couples are probably in TIC.
The use of TICs, to be co-owners of property, has flourished since the rise of the costs in the housing market. On the practical side such Tenancy in Common co-ownership allows for the purchase of a piece of property that would otherwise be unattainable. Legally however, being co-owners of piece of real property can create many complications. For example many time the multiple owners of single piece of property will share a mortgage, thus, if one of the owners stops paying the mortgage then all the co-owners of the real property are in jeopardy. Moreover, if a house in not properly subdivided then by default each tenant has a right to use the whole property even a part even if there was an understanding that each would have their own side of the house.
Whether you a contemplating a TIC agreement, or, find yourself dealing with rouge TIC members, it is almost always worthwhile to consult with an attorney. The attorney of Jones & Devoy have experience litigating TIC Agreements in San Francisco and can make sure that your interests are protected.