real estate attorney for TIC agreement
Hi all,
My husband and I (+ 13-month-old) are beginning to look for a home along with a close friend who's like family. We're seeking a duplex or single-family home with detached cottage and are planning to set up a TIC. Has anyone worked with an attorney specifically on a TIC agreement? What was that experience like, and would you recommend them? Thanks so much!
Feb 21, 2018
Parent Replies
We hired Lyssa Paul at Paul Law Group in San Francisco to update our TIC agreement, which was required by our lender when we sold our unit to another co-owner. She had actually written our agreement when she worked at another law firm (Andy Sirkin's firm) 10 years before. We did not meet in person, just talked on the phone, but I found her very efficient and knowledgeable. She has a lot of experience with TICs, and (even more important) she has a good working relationship with the lender most TICs use and understands the lender's requirements. The wold of TICs can be really confusing and frustrating, and I definitely recommend doing your research and finding professionals who have a lot of TIC experience.
Our TIC experience has been miserable, but a good attorney is definitely a good place to start. I recommend Frederick Hertz in Rockridge. He knows TICs and is easy to work with. I think his hourly rate is typical for lawyers around here (which is to say, a lot).
We used Andy Sirkin for our TIC and condo conversion. We had an ok experience but had to really stay engaged to make things work. I've also heard of this start up, www.gocobuy.com, that essentially sounds like they are trying to productize the TIC process for a lower price. Maybe check them out?
I did a TIC with a close friend and financially it is probably the best thing either of us has done. But it was and is very stressful. Another good friend did a TIC with three strangers and had a very negative experience. One thing I'd recommend is that you and your friend go through each other's finances before signing anything because you guys will be tied together.