Frequently Asked Questions
What is the difference between a TIC and a Condo?
First of all, both TIC and Condo is community living where there are common areas that you share with others. One big difference is how the buyer will hold ownership to a unit. A condo is legally subdivided so the property has its own legal description, while a TIC is partial ownership of the entire building that is not subdivided. There are also many similarities. Both entitles the owner exclusive rights to his unit and both have an HOA. And more importantly, you can get a loan to buy both TICs and Condos.
Is a TIC less expensive than a Condo?
Generally, a TIC is less expensive than a condominium, by almost 10-20%. TIC Source can help landlord determine how much their units can sell for.
How do I sell my property as a TIC?
If you are ready to sell some or all of your units, TIC Source will provide free consultation to convert your property for a TIC sale transfer. We will work with you on all the negative and positive reasons of selling your property using this method.
I’m interested in selling my units.
What are the fees for a TIC sale or transfer?
TIC Source charges 1.5% commission for landlord to tenant transfers, and 2.5% commission to list and sell the unit in the open market. You may also need to pay a buyer’s agent commission for procuring a buyer. There are attorney costs that varies based on the type of property you have and the number of units. Escrow and title fees will be similar to common sale transactions.
How does rent control affect my ability to sell my units?
A landlord can sell their units to existing tenants without affecting rent control of other units. Otherwise, you may need to negotiate with the tenants or the city in vacating units you intend to sell to the public. TIC Source can help you navigate the intricacies of city regulations regarding rent control and TIC Sales.
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