What are the buyer’s steps in a tenancy in common purchase?
A prospective tenancy in common buyer should always evaluate the financial strength of the other group members, even where the TIC will not involve shared financing. If a TIC agreement has already been prepared, the buyer should retain an experienced tenancy in common attorney to review the agreement and to raise and explain the many important issues associated with group ownership. If no tenancy in common agreement exists, the most efficient and economical approach to creating one is for the entire group to retain a single attorney to prepare a TIC agreement that is specifically tailored to property and the group’s needs. Each participant may then have the draft agreement reviewed by his or her own attorney and accountant, and bring the comments of these outside experts before the group for discussion and further revision of the agreement.
