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tic

What's a TIC
  • Question refers to 318 28th Ave, San Francisco, CA 94121
  • January 17 2008
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Answers (2)

More accurately, a TIC is a "condominium-like" relationship between co-owners of a property in which each co-owner owners an undivided share of the property and has an exclusive right to use a particular unit in a building.  As a practical matter, TIC owners treat the units they have exclusive use of as their own. 

TIC were developed as a way to getting the Subdivided Lands Act and the restrictons and limitations of turning existing multi-unit buildings into condominiums.

Because TIC owners do not have individual title, their options for financing are more limited than condo owners have.  Also, there are additoinal risks that TIC owners have that condo owners do not. However, TICs are generally less expensive than condos or may be the only reasonably priced product in a certain area.
  • April 22 2009
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TIC= Tenants in Common, meaning people that may or may not know eachother, be realted etc, own a fraction of a property. ie, they own there particular unit in a 6 unit bldg
  • January 27 2008
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