The TIC Guru — Everything TIC in Los Angeles
Andy Sirkin is a real estate attorney who specializes in fractional ownership. He has paved the way for TICs since the 1980s when he bought his first property with his friends in San Francisco. They created a community together and he wrote the TIC Agreement for this community. Now, he writes almost all the TIC Agreements here in Los Angeles.
What is a TIC Agreement? The TIC Agreement is the contract between all owners in a TIC Community that convey the rules of the community much like CC&Rs or HOA Docs in a condo. This agreement details how the community will handle taxes, maintenance, rules, and disputes. The TIC Agreement is what frames the community and keeps it together through its lifetime.
Los Angeles Heat
San Fran has been utilizing and marketing the TIC lifestyle for years now. Mostly because of the Tech Boom in SF, housing has been less than affordable if you can even find a listing in the neighborhood of your choice. Enter TIC. Because of TIC, owners of apartment buildings have the opportunity to share the costs and ownership of the property with the public. They sell portions of the building, defined by an agreed upon contract, and shift their communities from renters to owners who have real skin in the game. TICs are about 10–20% less expensive than comparable condos in the same neighborhood. Therefore, those that have been waiting for a lower entry point now have an opportunity. This is a big deal for those that have not been able to enter before in Los Angeles. TIC homes in Silver Lake and Echo Park are comparable to the price of what you can buy a small condo in Koreatown! TIC offers a new opportunity for Millennials trying to start a new family or those trying to break into real estate market.
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