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Finding your perfect home in San Francisco requires clarity and foresight. With PenderVision, I, Michelle Pender, act as your guide, helping you sharpen your focus and turn your homeownership vision into reality. Here’s how we bring your dream home into view:
Broadly speaking, tenancy in common (which is the same as tenants in common, and often abbreviated as TIC) describes a co-ownership where each owner is free to choose who will inherit his/her interest. But in practice, tenancy in common, tenants in common, and TIC, are commonly used to describe narrow sub-categories of the wide TIC world, leaving the uninitiated confused about how the various types of TICs relate to each other. It is useful to distinguish between TICs that assign each co-owner usage rights to the co-owned property, and TICs that do not. In the category of TICs with usage rights, there are: (i) “space-assignment co-ownerships” (or “SACOs”), which are intended to have the look and feel of condominiums or other legal subdivisions, and assign particular houses, apartments, rooms, offices, stores, or storage spaces to each owner; (ii) “time-assignment co-ownerships” (or “TACOs”), a kind of timeshares often now referred to as a private residence club or fractional ownership, which assign particular usage times or intervals to each owner; and (iii) “equity shares” where one or more owner gets usage rights, and one or more other owner is purely an investor. In the category of TICs without usage rights, there are: (i) investments organized by syndicators or sponsors, frequently as placements for the proceeds of 1031 tax-deferred exchanges; and (ii) less-formal groups of family members and friends, sometimes created through inheritance, that hold property for investment purposes.
Tenants in Common (TIC) ownership is often paired with a tenants in common agreement (TIC Agreement) under which each owner receives the exclusive right to occupy a particular space within the co-owned property, an arrangement we refer to on this website as a SACO (for space-assignment co-ownership). The assigned spaces may be apartments within an apartment complex or building, detached houses on a single lot, rooms within a single house, offices within an office suite or office building, storage areas within a warehouse, or any other part of a residential or commercial property. We have even created space-assignment tenancies in common for a horse stable, a marina, a campground, a vintage car repair facility, and a yurt commune. Assigning occupancy rights in a tenancy in common agreement allows a Realtor, seller, project sponsor, or co-owner group to create an arrangement that feels and acts like a subdivision even though actual legal subdivision is impossible, unaffordable, or too time-consuming.
(Source: Andy Sirkin Tenancy In Common)
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Are you interested in buying or selling a home? Look no further than working with Michelle.
