Considering buying a condominium in San Francisco? Not sure how the process differs from owning a tenancy-in-common? Then take a look at the latest guide from luxury real estate experts Black Label Real Estate (+1-415-347-0984).
The real estate market can be a confusing place, and it’s all the more complex for buyers and sellers interested in condominiums and tenancy-in-common (TIC) contracts. With access rights and private contracts to consider, many people find themselves a little overwhelmed. The latest guide from Black Label Real Estate makes things simple, so you understand everything before you buy or sell.
The article is the most recent addition to the company’s range of valuable and informative resources on the property market in Sonoma Country, Napa County and the East Bay area.
Go to http://blacklabel-realestate.com for more information.
Black Label Real Estate’s article has been developed alongside the company’s extensive real estate services, including property valuations, marketing and sales negotiations that make your property journey easier.
The article begins by outlining the ownership details of both a condominium and a tenancy-in-common, stating that with the former, each property owner solely owns their own condo, but in the latter, each owner purchases an undivided interest in the same property. As such, if you’re considering TIC ownership, it’s worth keeping in mind that it can be more complex. Each owner could argue their right to have access to all and every part of the entire property - not just the part they reside in.
With condominium ownership, the article details that there are common areas that are regulated by a Homeowners Association (HOA), with some exclusive rights granted to outdoor spaces such as if you have a garage or deck. However, for TIC owners, your agreement should state that you have exclusive occupation rights of a particular unit, and non-exclusive rights to specified common areas.
Elsewhere in the guide, the author details the differences in rules for TIC and condominium ownership, explaining that if you own a condo, there are state laws in California that apply to your HOA, creating a baseline set of rules that must be adhered to. In the case of TIC agreements, there are no similar rules in place, as each agreement is considered to be a private contract that’s unique to your property - and is entirely ungoverned by local or statutory regulations.
Black Label Real Estate goes on to compare the main similarities between the two types of ownership, pointing out that if you have difficulties or a dispute in regard to concerns such as noise, repairs and maintenance and pets, you’re unfortunately left in an awkward situation of living in close proximity to your neighbors. As a result, these issues can become personal and difficult to resolve.
Black Label Real Estate is the luxury real estate agency you can rely on for valuable, informative articles and insights into the property market, to make your buying and selling process simple.
Ready to learn more? Visit http://blacklabel-realestate.com to engage their services and read the full post.
