What is included in a tenants in common (TIC) agreement?
The following is a partial list of issues a SACO tenancy in common agreement should cover: • Division of the property into “individual” and “group” spheres with regard to usage rights and maintenance responsibilities; • Description of the owners’ financial obligations including initial deposits, reserve accounts, mortgages (if shared), taxes, common area maintenance and other expenses; • Formulas for determining each owners’ monthly payment in advance and periodically adjusting the amount; • Management of the property including accounts receivable, accounts payable, regular reporting, maintenance and janitorial; • Rules governing usage of the property by the owners (e.g. pets, noise, floor covering) and enforcement provisions; • Meeting and decision making procedures; • Provisions defining when a default has occurred and describing remedies; • Policy in the event of death or bankruptcy; • Sale of interests, group approval of prospective purchasers, and rights of first refusal; and • Di
