Why would an owner or Realtor selling an entire property building obtain a tenancy in common agreement? Why not let the buyers get their own TIC Agreement?
Although it is theoretically possible to gather an entire buyer group, have them prepare a single offer as a group, then allow them the time and flexibility to create their own tenant in common agreement prior to close (while the property is held off the market), this approach fails much more often than it succeeds and consumes a huge amount of effort and time even when successful. Most sellers and Realtors find it much easier and more productive to accept individual offers from prospective buyers of each fractional share even when they intend to simultaneously close the sales to all the buyers at once. (Note that closing the sales one at a time is also possible, as discussed below.) Accepting individual offers on the tenant in common shares is virtually impossible without having a shared ownership agreement in place. Since the property has not been subdivided, the owner cannot legally accept offers on particular units or houses. Each individual purchase contract needs to describe what
Related Questions
- WHY WOULD AN OWNER OR REALTOR SELLING AN ENTIRE PROPERTY DEVELOP THE FRACTIONAL OWNERSHIP STRUCTURE AND AGREEMENT BEFORE MARKETING? WHY NOT LET THE BUYERS DEVELOP THEIR OWN FRACTIONAL AGREEMENT?
- Why would an owner or Realtor selling an entire property develop the co-ownership structure and agreement before marketing? Why not let the buyers develop their own agreement?
- Why would an owner or Realtor selling an entire property building obtain a tenancy in common agreement? Why not let the buyers get their own TIC Agreement?
