One way for owners of SF apartment houses to unlock greater value in the sale of their buildings is to offer individual units for sale as tenancies-in-common (TICs.) Buyers of TICs are offered the opportunity to purchase a unit at a discount of as much as 20-30% over the price of similar condominiums. Over the past 10 years in San Francisco, tenancies-in-common (TICs) have evolved from odd, misunderstood entities to common-place offerings.
I have personally undergone the conversion of my own building, and I have extensive experience representing both sellers and buyers of San Francisco TICs. It would be a pleasure to provide you with specific guidance when you’re ready to roll up your sleeves. Meanwhile, here are some initial resources you might find helpful as you contemplate the purchase or sale of a tenancy-in-common:
www.andysirkin.com and www.g3mh.com are the two leading law firms that handle the lion’s share of TIC agreements and condo conversions in San Francisco, and their sites a chock full of information to get your started on the right path.
SF Dept of Public Works is chartered with approving TIC condo conversions and is an excellent resource as well.
You might also want to visit Plan C, a TIC-owner group that has recently been formed.