Have TIC with only 20% but live in far better unit. Options?
We are trying to figure out if we can sell our interest in a TIC unit we occupy where we occupy about 75% of the building but only have about 20% interest in the TIC (other partner occupies a in-law studio unit). The percentages were based on downpayments only. Can we sell our 20% interest for the market value of the amentities that go with the portion of building that we occupy, or do we have to sell with other partner to cash out which would result in almost no proceeds? Also, is there any chance we can be evicted from the better unit by the majority interest holder in TIC at some point if we decide to stay? There's a formula in TIC for selling the unit to other partner or together. There is also wording in the TIC agmt that either party may occupy either unit from time to time, with non-exclusive tenancy. Is there any protection for our occupancy rights and re-sell rights? We have invested a lot in capital improvements for our space and paid most of mortgage over years.
I would call Andy Surkin's office in San Francisco and schedule an immedate appointment. He's an expert in Tenants in Common (TIC's) and you need help as all of this should have been addressed in the formation stages of the TIC. Here is his information off of his web site.
• email address is dasirkin@earthlink.net. We welcome brief email inquiries, but do not provide legal advice via email. If you have legal questions, or would like to set up an appointment, please contact us by phone. DUE TO TIME CONSTRAINTS, WE ARE UNABLE TO REVIEW OR RESPOND TO EMAIL EXCEEDING FOUR LINES OF TEXT.
• Our telephone number is 415-738-8545
• Our address is:
Sirkin Paul Associates
250 Montgomery Street, Suite 1200
San Francisco, CA 94104
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