More buyers using TICs to get into condos

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

DEAR BENNY: I am considering buying a condo in San Francisco. It looks like most condos advertise taking title as TIC (tenants in common). Can you please explain a little more about TIC? What are the disadvantages and advantages? --Eton DEAR ETON: Because this is a syndicated column that appears throughout the United States, my answer has to be general. You should consult your own attorney to assist you in your decision-making. Oversimplified, there are four ways that title can be held for your own home: Sole owner: As the name implies, you -- and you alone -- own the property in your own name. Tenants in common: Here, two or more persons own the property. Each owner (called "tenant" for this purpose) owns his or her own share. It can be 50-50, but that's not mandatory. For example, if you and a partner buy property and you put up more of the down payment (or pay more of the monthly expenses) you can own if in a different percentage -- say 60-40, or even 9...