A tenancy-in-common, or TIC, is a form of co-ownership. Rather than buying a unit, you buy a fractional share of an entire building, and a written TIC agreement gives you the exclusive right to occupy one specific unit.

Why TIC exists in Los Angeles

Much of the city's most desirable small apartment stock was built before 1978 and falls under rent stabilization. Condo conversion on those buildings is discretionary, slow, and in many cases not available at all. Tenancy-in-common is the structure that lets those buildings be sold unit by unit anyway. That is why the format has grown in the City of Los Angeles while it remains rare in Orange County and San Diego.

What you actually own

A recorded percentage interest in the deed to the whole property, plus the exclusive right to use your unit and any parking or storage assigned to you. It is recorded, insurable and financeable.

TIC compared with a condominium

• Title. A condo is its own legal parcel with its own APN. A TIC share is a fraction of a single parcel.
• Financing. Condos use ordinary mortgages. TIC buyers use fractional loans from a small group of portfolio lenders, or share a single blanket loan across the building.
• Governance. Condos run on CC&Rs and a state-regulated HOA. TICs run on the agreement the owners sign, which sets budgets, reserves, maintenance, transfer terms and dispute resolution.
• Price. TIC shares generally trade below comparable condos. That gap is both the opportunity and the risk, and it is the first thing to understand before you make an offer.

What to review before you buy

The TIC agreement itself. The loan structure and who is on the hook if a co-owner stops paying. The reserve balance and how it is funded. Any rent-stabilization history attached to the building, including how prior tenancies were ended. And the resale terms, so you know what selling your share looks like before you need to.

Where we come in

The Martin Fish Team works on both sides of this market: advising owners on whether a building is a candidate for TIC, and representing buyers who want well-located Los Angeles real estate at a basis that still makes sense. TIC listings are coming. If you want to see them before they are public, get in touch.

This page is general information, not legal, tax or financial advice. Every TIC transaction should be reviewed by your own attorney and CPA.