Results 1 to 3 of 3
LinkBack URL
About LinkBacks-
10-07-2007, 05:25 PM #1
Renter
- Join Date
- Oct 2007
- Posts
- 1
Tenant in Common
Has anyone heard of TICs?
Can you please advise on the areas to be careful about.
What are your experiences and in particular how do you know that the financial reporting is valid?
Thanks in advance,
Sonia
-
10-07-2007, 07:26 PM #2
Condominium
- Join Date
- Nov 2005
- Location
- Beautiful Central Oregon
- Posts
- 189
- Blog Entries
- 1
Tenants in Common is pretty simple - it means that the tenants (from your question I assume the owners) all share the use of the home equally - there is not a section of the home that belongs to one and not the other - it is equal all the way - if you are purchasing a home as tenants in common and a loan is taken out the debt would be on the parties that are on the loan.
If one party is paying cash and another getting a loan using the home this could be an issue - because if the party getting a loan were to default it puts the home in jeopardy - when I have sold homes with this type of issue each party has paid cash and no one is allowed to encumber the property with a mortgage - then the parties are typically getting second mortgages on their full time residence or a home equity loan on another property.
Anytime there are multiple owners that are not immediate family I suggest a document that all agree to that outlines the use of the property, and maintenance.Thesa Chambers
Specializing in
Central Oregon Real Estate and a Central Oregon Real Estate blog visit this blog for more information on Sunriver or Central Oregon
Principal Broker with Prudential NW Properties
La Pine, Sunriver, Three Rivers South and Bend
-
10-08-2007, 06:05 AM #3
Moderator
- Join Date
- Sep 2007
- Location
- Outer Banks
- Posts
- 1,282
The laws are different in every state so the best advice you can get would be from someone with knowledge about your area.
Your Outer Banks real estate agent. Learn how to buy Outer Banks foreclosures.
Reply With Quote
Bookmarks