i in in a TIC and own a condo and is it possible to sell to a person who wants 50% of my ownership with a

Asked by Katie, 60611 Mon Nov 12, 2007

i in in a TIC and own a condo and is it possible to sell to a person who wants 50% of my ownership with a person who only looks at it as an investment? I want out and the other person does not. I cannot afford it anymore. I lost my job.

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Ken Dooley, Agent, Chicago, IL
Thu Nov 15, 2007
Katie,

An investor's TIC interest can be purchased, sold, gifted, bequeathed by will, or inherited, and is subject to property taxes, gift tax, estate and inheritance taxes in the same manner as a sole ownership property.

Consult with a Real Estate Attorney who has experience handling TIC transactions.

Here's a website that will provide you with a lot of good information: http://www.cornerstoneexchange.com/?gclid=CKvFt42z3o8CFSeeIw…


Good luck.

Ken.
Web Reference:  http://www.KDRchicago.com
0 votes
Ruthless, , 60558
Mon Nov 12, 2007
It depends on how your ownership is currently held and the condo's rules.
This sounds like a job for
SUPER ATTORNEY.
Sorry, I'm not an attorney and this is a legal question.
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