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Lance King

Trulia Pro
"Founder/Managing Broker - Expert Advice/No Pressure"
  • 29 Helpful Answers
  • 195 Answers
  • 1 Blog post
Broker at Fixed Rate Properties, Inc.
Experience:
President/Founder for King Tool & Supply Co., Inc. January 1989—March 1999
Began this company in a home garage into a nationwide distributor of contractor supplies.…
President/Founder for Golden State Land Group, Inc. January 2003—December 2006
Founded this company that specializes in the acquisition, development, and sales of r…
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Specialties:
First time property buyers/sellers, investment properties, multi-unit buildings, TICs, construction issues, remodeling, & land development. Over 30 years ... show more
Interests:
Anything Real Estate. Tennis. Traveling to exotic locations, espcecially those ... show more
About:
Having founded several companies and been on both ends of the spectrum in Real Estate transactions many times over, I founded Fixed Rate Properties, Inc. ... show more
Testimonials:
"We first heard about Fixed Rate Properties from our neighbors who had listed their property with them. We had planned on speaking with several agents ... show more
Lance King answered:
As a follow up to Eric's remarks below, I think it is innappropriate to suggest that anyone who advises you get an attorney review of a TIC Agreement based on your remarks doesn't know what they're doing.

Personally I wasn't suggesting that your first step should be an attorney, but it seems to me that your level of understanding is such that you should get legal advice because you need to understand both what is supposed to happen - that's the easy part as anyone experienced in these matters can tell you that - and what happens if things go badly. You need attorney advice for that. We have recent experience with a TIC building that issues arose because of an actionable violation that prevented one owner from selling for over 18 months. It also cost them a considerable amount of money both in tems of cash outlay and resale value.

An attorney review of a TIC Agreement shouldn't cost more than $500 - $600. Whatever the price point you're at, if you're buying in San Francisco and you're not comfortable or knowledgeable enough about TICs and the specific one you're thinking about buying, you're certainly spending enough to drop a few hundred extra to make sure you know what you're getting yourself into. - Yesterday, 10:50

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