Google Answers Logo
View Question
 
Q: Creating a TIC in San Francisco ( Answered,   0 Comments )
Question  
Subject: Creating a TIC in San Francisco
Category: Business and Money
Asked by: finnspin-ga
List Price: $5.00
Posted: 07 Nov 2006 16:56 PST
Expires: 07 Dec 2006 16:56 PST
Question ID: 780921
how do i set up a tenants in common in san francisco without a lawyer?
Answer  
Subject: Re: Creating a TIC in San Francisco
Answered By: keystroke-ga on 07 Dec 2006 11:59 PST
 
Hello finnspin,

Thank you for your question.

"Tenancy in Common Questions and Answers"
http://www.andysirkin.com/HTMLArticle.cfm?Article=1

"Consequently, tenancy in common formation does not require any filing
or approval with local governmental agencies (such as counties, cities
or towns).

On the other hand, tenancy in common formation in California does
require the approval of the California Department of Real Estate (DRE)
if the property to be co-owned and occupied by the group contains five
or more residential units. The DRE approval process currently takes
6-9 months to complete, and results in the issuance by DRE of a
?Public Report? (often called a ?White Paper?). The Public Report
contains extensive information and disclosures about the property and
the tenancy in common group, and must be given to all prospective
buyers. Resale of tenancy in common interests are generally allowed
without a Public Report, but the rules defining what constitutes a
true ?resale? (as opposed to a sham designed to circumvent approval
requirements) are strict."

On that same page, find the section which is titled: "What is included
in a TIC agreement?"  That section will tell you all you need to know
about what the TIC agreement needs to include. I can't quote from it
all here due to copyright. The author of the piece also recommends
that the TIC agreement be long, not short, and include every
possibility that could happen and cause a dispute.

Google Answers does not substitute for legal advice, but this should
point you in the right direction if you do choose to create your own
tenant-in-common agreement.

Search terms:
tenants in common california

If you need any additional clarification, let me know and I'll be glad
to assist you.

--keystroke-ga
Comments  
There are no comments at this time.

Important Disclaimer: Answers and comments provided on Google Answers are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Google does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. Please read carefully the Google Answers Terms of Service.

If you feel that you have found inappropriate content, please let us know by emailing us at answers-support@google.com with the question ID listed above. Thank you.
Search Google Answers for
Google Answers  


Google Home - Answers FAQ - Terms of Service - Privacy Policy