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 |
