This property in particular is a condo.
TIC's are commonplace in SF and should be considered on a case by case basis. A TIC agreement is important as it delineates the percentage each owner owns/occupies.
Condos differ from TICs in that condominium agreements are recorded while TIC agreements are not. TIC agreements are unrecorded because under state and local law, recording them creates illegal subdivisions.
Another difference between TICs and condos is the tax assessment assignment. Condos get their own tax assessment and bill, while TICs are assessed and billed as apartment buildings so there is only one bill. Succinctly it’s divided amongst the owners based on there ownership percentage.
Financing is either group or fractional and is offered by portfolio lenders (Sterling Bank) and rates are slightly higher than conventional financing. I recommend only considering properties where fractional financing is in place as this is the least risky.
Let me know if you have any further questions.
Lizete Santos | Broker Realtor
McGuire Real Estate