Tenancy in Common (TIC) in San Francisco: A Comprehensive Guide

What is a Tenancy in Common (TIC)?

A Tenancy in Common (TIC) is a form of joint property ownership. In a TIC, multiple people co-own an entire property together, each holding a percentage share. Unlike a traditional condo, you do not receive a separate deed to an individual unit. Instead, all co-owners share title to the whole building, and a private TIC agreement between the owners spells out who gets to exclusively occupy which unit (as well as parking spots, storage, etc.) bpfund.com. In simple terms, if you buy a TIC unit, you collectively own the building with your co-owners, but you have the exclusive right to live in your specific unit as outlined in the TIC agreement.

To illustrate the difference: In a condominium, you get a deed to your condo unit (everything inside your unit’s walls is yours in “fee simple” ownership) while common areas are jointly owned by the HOA. In a TIC, there is only one deed for the entire property, held by all co-owners in shares. Everything is collectively owned g3mh.com, but the TIC agreement gives each owner the sole right to occupy their own apartment or unit within the building. This arrangement lets people essentially “buy a unit” in a multi-unit building without legally subdividing the property into separate condos.

TIC agreements are critical documents in this setup. They detail each co-owner’s percentage ownership, their exclusive use areas (unit #1, unit #2, parking space A, etc.), and how the group will handle expenses, repairs, decision-making, and even dispute resolution. The agreement is a private contract (not recorded like a deed) but is legally binding among the owners. It often includes provisions similar to condo bylaws or house rules – for example, pet policies or quiet hours – and outlines what happens if an owner wants to sell their share or if conflicts arise. Prospective TIC buyers should always review the TIC agreement closely (ideally with a real estate attorney) to understand their rights and responsibilities bpfund.com.

TIC vs. Condo vs. Co-op: Key Differences

TICs are often mentioned in the same breath as condos and co-ops, since all three involve multi-unit buildings with multiple stakeholders. However, they differ in ownership structure, financing, and day-to-day governance. Here are the key differences in a nutshell:

Ownership Structure: In a condo, each owner holds title to their individual unit (plus an undivided share of common areas), with a recorded parcel map legally delineating each unit. In a TIC, all owners collectively hold title to the entire property in shares, and no unit has its own deed – exclusive unit rights come from the TIC agreement. In a co-op (housing cooperative), an entity (usually a corporation) owns the whole building, and residents don’t own real estate at all – instead, they own shares of the corporation, and their right to a unit comes via a proprietary lease or share certificate.
Legal Status and Regulation: Condos are a form of legal subdivision; creating condos requires meeting city subdivision codes and obtaining approval. Co-ops are also recognized in California law as a type of subdivision (stock cooperative), so they too fall under many of the same local regulations as condos andysirkin.com. TICs, by contrast, are not considered a subdivision – they’re treated as a form of co-ownership. This distinction is huge in San Francisco: it means forming a TIC does not require filing maps or getting city approval, unlike condo conversions andysirkin.com. (San Francisco’s strict condo conversion rules therefore do not apply to creating TICs – one reason TICs became a popular workaround, as we’ll see later.)
Financing and Mortgages: With a condo, buyers can get a standard mortgage from any conventional lender, and each unit owner has their own loan and pays their own property taxes. Co-ops and TICs traditionally have more limited financing options. Historically, TIC owners had to share one mortgage loan for the whole building, which was cumbersome – if one owner sold, the entire loan often had to be refinanced, and if one owner defaulted, everyone was on the hook. In the last 10–15 years, however, fractional TIC loans have become the norm: certain banks and credit unions (many local to California) offer individual mortgages for each TIC share. With a fractional loan, each TIC owner is responsible only for their own debt – if a neighbor in the TIC misses a payment, it won’t directly affect your loan or credit. These loans are still a niche product (a smaller subset of lenders offer them, and down payments and interest rates tend to be a bit higher than for condos). Co-op financing is also specialized – typically only certain lenders will finance co-op shares, and sometimes the co-op corporation carries a underlying mortgage for the whole building. In short, condos have the widest financing options, TICs and co-ops require specialized loans (expect ~15–20% down and a slightly higher rate in many cases mansionglobal.com).
Governance and Resale: Condo owners are part of a Homeowners Association (HOA) with bylaws and elected boards; they can generally sell or rent out their unit freely (with some HOA or city rules) and don’t need other owners’ permission. TIC owners operate via the TIC agreement – there’s no formal HOA, but the owners collectively make decisions (often by vote or consensus as defined in the agreement). Major decisions (e.g. selling the entire building or taking out a new mortgage on it) typically require unanimous or super-majority agreement. Some TIC agreements may give other owners a right of first refusal if one owner sells their share, meaning the remaining co-owners could buy that share or approve the incoming buyer. Co-ops are usually the most restrictive in this regard: the co-op’s board often approves any new buyer or subletter – this can effectively give existing members a say in who joins the community, subject to fair housing laws. As for resale value and liquidity: condos are easiest to sell (largest pool of buyers and lenders). TICs generally sell for less than comparable condos – often around 10–20% lower price for a similar unit, to compensate for the quirks and financing hurdles. Co-ops in SF are fairly rare (and often in luxury older buildings); they also usually trade at a discount to condos due to stricter rules and financing limitations. In down markets, TICs and co-ops can be harder to sell than condos, so buyers and sellers should plan for potentially longer sale timelines.
Monthly Costs and Taxes: Condo owners pay their own property tax bills and mortgages, plus monthly HOA dues for common expenses (maintenance, insurance, reserves, etc.). In a TIC, the property tax bill is one single bill for the entire property (since legally it’s one parcel); typically the TIC agreement specifies each owner’s share of property taxes (based on their ownership percentage). TIC owners often contribute monthly to a shared account for property tax, building insurance, and common expenses (similar to paying HOA dues, though it’s not called HOA). If one TIC owner fails to pay their portion of taxes or expenses, the group still has to cover the shortfall – all co-owners are collectively responsible for the property’s liabilities like tax or mortgage liens mansionglobal. In a fractional loan scenario, each TIC owner will pay their own mortgage separately, but things like insurance or any shared utilities will be split. Co-op members usually pay a monthly fee to the co-op that often includes the building’s property taxes, underlying mortgage (if any), insurance, maintenance, sometimes utilities – essentially a “maintenance fee” that covers all communal costs. The co-op corporation then pays taxes and bills.

In summary, TICs occupy a middle ground between condos and co-ops. They provide an ownership stake and occupancy rights similar to a condo, but without the formal legal separation of units. They require trust and cooperation among co-owners like a co-op might, but without some of the heavy governance structure a co-op has. Understanding these differences is crucial before entering a TIC arrangement.

How Did TICs Become Popular in San Francisco? (A Little History)

Tenancy-in-Common arrangements exist in many places, but San Francisco has embraced TICs more than perhaps any other U.S. city – and local conditions are a big reason why. TICs rose to prominence in SF starting in the 1980s-1990s as a creative response to the city’s housing constraints and policies. Here are the key factors that led to the TIC boom:

Sky-High Property Prices: San Francisco’s home prices have long been among the highest in the nation. As single-family homes and condos became out-of-reach for many, buyers looked for more affordable ways to own. Buying a TIC share in a multi-unit building came to be seen as a “path to homeownership” for those who couldn’t afford a whole house or condo. Over the past 25+ years, TICs became a major source of relatively affordable entry-level housing in SF g3mh.com.
Rent Control and Rental Unit Constraints: SF has strict rent control (for older multi-unit buildings) and strong tenant protections. For landlords, these rules can make owning rental property less enticing (since raising rents or removing tenants is difficult). Some owners of small apartment buildings found they could exit the landlord business by selling their building as TIC units to owner-occupants. Furthermore, a 1994 expansion of rent control (via the state Costa-Hawkins Act’s phased rollout) meant many two- to four-unit buildings in SF ended rent control exemptions; subsequent studies found that landlords responded by taking units off the rental market – often via Ellis Act evictions and then selling as TICs to owner-buyers g3mh.com andysirkin.com. In other words, rent control’s noble aim of protecting tenants had a side effect: it discouraged some landlords from holding onto multi-unit buildings, contributing to more TIC conversions (though it also protected sitting tenants until they left).
Condo Conversion Limits: Perhaps the biggest driver of TIC popularity was San Francisco’s extremely restrictive condo conversion laws bpfund.com. Since the 1980s, SF capped the number of apartment buildings that can convert to condos each year (historically via a lottery that allowed only ~200 units/year to convert) andysirkin.com. Large buildings (5+ units) have been outright barred from conversion for decades andysirkin.com. These rules were meant to preserve rental housing and prevent mass evictions. The result was a huge pent-up demand from both owners and buyers for condo ownership that could not be legally met. Enter TICs: forming a TIC doesn’t require City Hall approval (because it’s not a “subdivision”) andysirkin.com, so it became a legal workaround to effectively “split” a building into sellable units without converting to condos. During the 1990s and 2000s, many TIC groups formed with the hope that after a few years of owner-occupancy, they could enter the condo conversion lottery and eventually convert to individual condos (which would significantly boost each unit’s value). In fact, the potential to convert to condo down the road was a major selling point that fueled TIC formations g3mh.com.
Local Law and Policy Twists: City policymakers, concerned about losing rental housing, have attempted to rein in TICs over the years – with limited success. In 2001, the SF Board of Supervisors even passed a law to ban the exclusive occupancy agreements that underpin TICs (essentially trying to make the standard TIC arrangement unenforceable). This was quickly challenged in court, and by 2004 the law was struck down as unconstitutional. The courts affirmed that co-owners have the right to contract amongst themselves for occupancy rights. Since TICs aren’t formal subdivisions, the City couldn’t simply outlaw them without running afoul of property rights. Thus, TICs remained legal and grew more common, becoming an established part of the SF real estate landscape by the 2000s.
Condo Conversion Crackdown in 2013: By the early 2010s, so many TIC owners were waiting to convert condos that pressure mounted to reform the system. In 2013, San Francisco enacted a major change (often called the “Expedited Conversion Program”). This drastically reduced the number of properties that could convert going forward, effectively freezing out most TICs from ever converting to condos. The city allowed TICs already in the lottery queue to bypass the lottery and convert (with conditions like paying a fee and giving any tenants lifetime leases), but in exchange no new conversion lottery would take new applicants for at least 10 years. This meant any multi-unit TIC created after 2013 would likely never be able to become condos unless the lottery resumed in the far future g3mh.com. Many TIC buildings – some as large as 4, 6, or even 10+ units – essentially became “permanent TICs” with no conversion hope g3mh.com. The expectation was that the lottery might reopen in 2024 (after the 10-year moratorium).
2017 and Beyond – Suspension of Conversions: To make matters more complicated, a provision of the 2013 law required lifetime rent-controlled leases for any tenants in a building at the time of condo conversion. Landlord groups sued, and in 2017 the City halted all condo conversion applications for buildings with any tenants, pending resolution of the lawsuit g3mh.com. As of late 2025, this issue still hasn’t been fully resolved – the condo conversion lottery for 3–4 unit buildings remains suspended. Two-unit buildings (owner-occupied by separate owners) have still been able to convert under a bypass process, but 3+ unit TICs have had no path to condo conversion for a decade. The notion of TICs as a temporary bridge to condo ownership has largely faded; today’s buyers mostly assume their TIC will stay a TIC long-term.

In summary, San Francisco’s unique mix of housing pressures and regulations gave rise to the TIC phenomenon. TICs offered a win-win of sorts: buyers got a more affordable way to own in the city’s desirable neighborhoods (often a 20% discount vs condos) bpfund.com, and building owners/landlords could sell units individually for more total profit than selling an entire building in one go andysirkin.com. The City’s stringent condo rules and slow development pipeline essentially forced the market to find another outlet for ownership demand andysirkin.com. While TICs were once seen as a stepping stone to eventual condo conversion, policy changes over the last decade have cemented many TICs as a permanent fixture of San Francisco’s housing market. They’re no longer a fringe idea; TICs are now “a mainstay of San Francisco’s housing market”bpfund.com, albeit one with unique challenges and considerations.

TIC Market Trends and Updates (Late 2025)

How are TICs faring in today’s market? In 2025, TICs continue to represent a small but significant slice of San Francisco real estate. Let’s look at some current trends:

Market Share and Pricing: TIC units make up a minority of sales compared to condos, but they do sell. In the first half of 2025, for example, 97 TIC units (in buildings with 3+ units) sold citywide, compared to 813 condo units in similar-sized buildings. The median sale price for those TICs was about $935,000, versus $1,025,000 median for the condos. This corroborates the rule of thumb that TICs tend to be roughly 10–20% cheaper than comparable condos in SF. Lower prices are a key attraction of TICs, especially for first-time buyers. In fact, the “sweet spot” of the TIC market remains the sub-$1 million range – over half of TIC sales fall under $1M, which is considered relatively affordable by SF standards. For context, the city’s median condo price often hovers around $1.2M, and single-family homes even higher, so TICs offer a somewhat less intimidating entry point.
Who’s Buying TICs: Buyers are typically those who value more space or prime location over traditional ownership structure. TICs are especially common in classic SF neighborhoods – places like Noe Valley, Eureka Valley (Castro), Mission Dolores, Russian Hill, Nob Hill, Haight-Ashbury, and Alamo Square – where a condo or house might be out of reach, but a TIC unit provides a comparatively affordable way in bpfund.com. Many TIC buyers are owner-occupants (often friends or family team up to buy a building as co-owners), though there are also some investor buyers who purchase TIC shares to rent out. (Note: Renting out a TIC unit may be subject to SF’s rent control if the building is older, and some TIC agreements limit rentals, so investors are a smaller segment.) Overall, TICs remain most popular with owner-occupant buyers who are priced out of condos in their favorite neighborhood.
Two-Unit TICs vs. Larger TICs: It’s important to distinguish between TICs in 2-unit buildings and those in 3-or-more-unit buildings. A TIC in a 2-unit building (often a two-flat building) is somewhat closer to a condo in value because SF law does allow a relatively straightforward path to condo conversion for 2-unit TICs (if owner-occupied by separate owners for a period and with a clean eviction history) andysirkin.com. Because of this conversion potential, 2-unit TICs tend to command higher prices (and resale demand) than TICs in larger buildings. In contrast, TICs in 3+ unit buildings, having no conversion path under current rules, are valued purely as long-term TIC ownership. These typically have a deeper discount vs condos and a smaller buyer pool. Buyers of 3+ unit TICs today generally accept that condo conversion is off the table (at least in the foreseeable future).
Financing Climate: As of late 2025, interest rates are relatively high (following the overall rise in mortgage rates since 2022). TIC loans are mostly offered as adjustable-rate mortgages (ARMs), with rates around 6–7% for a 30-year loan (with an initial fixed period) at 80% loan-to-value. Fixed-rate TIC loans for 30 years exist but are less common (and come at a premium). The good news is that the roster of lenders offering fractional TIC loans has grown. Several local institutions – e.g. National Cooperative Bank (NCB), Bank of Marin, Bank of San Francisco, Patelco Credit Union, Redwood Credit Union, and others – actively make TIC loans now. This is a big change from 15-20 years ago when only one or two banks would touch TIC financing. Lenders have even rolled out more accommodating programs: for instance, some TIC loans now allow as little as 15% down payments (compared to the 20-30% that was standard before) bpfund.com, and there are programs tailored for self-employed buyers or even for purchasing TICs as rental investments bpfund.com. Greater access to loans has made TIC purchases more attainable than they used to be, though borrowers should still expect a more intensive loan process than a regular mortgage, and possibly slightly higher rates or fees.
Legal/Policy Updates: On the legal front, the big question has been: Will San Francisco ever revive the condo conversion lottery for TICs? As noted, the lottery has been on hold since 2013 (with a formal suspension since 2017 for buildings with tenants). There were provisions that the lottery could resume in 2024 at the earliest, and indeed city officials have floated timelines in 2024, 2025 or 2026 for a possible return andysirkin.com. However, as of late 2025, the lottery has not yet been reactivated. It’s a bit of a limbo scenario – any potential restart may come with tougher restrictions (e.g. stricter owner-occupancy requirements, disqualifications for past evictions or buyouts andysirkin.com, etc.), and the city is likely figuring out how to handle the backlog of TIC owners who’ve waited for a decade. Practically speaking, this means buyers should not count on condo conversion unless they’re dealing with a 2-unit building that clearly meets the bypass criteria. For 3-4 unit TICs, treat it as a permanent arrangement (and a bonus if conversion laws ever change in your favor). Aside from conversion issues, there haven’t been major new laws directly harming TIC formation – it remains legal to create TICs (the city hasn’t tried another outright ban). California did pass some broader housing laws (like one in 2022 (SB 9) allowing lot splits and duplex additions), but those don’t directly affect existing TICs except perhaps creating more opportunities for co-ownership in some cases.

Bottom line: the TIC market in 2025 is stable, if somewhat niche. TIC units trade at a relative discount, making them attractive to value-seeking buyers. They are concentrated in desirable neighborhoods where even a discounted unit is appealing. Inventory is limited (since TICs are a fixed pool of older buildings being re-sold), and demand fluctuates with overall market conditions. Lately, higher interest rates and pandemic-era softening in the condo market have tempered TIC sales a bit, but people are still buying TICs as an alternative path to homeownership in San Francisco’s competitive market.

Tips for TIC Buyers and Sellers

Whether you’re thinking of buying a TIC unit or selling one, it’s important to approach these transactions with eyes open. Here are some key tips and considerations for buyers and sellers in the TIC market:

Tips for TIC Buyers

Understand What You’re (Not) Getting: When you buy a TIC, you’re buying a share of a building, not a standalone parcel of real estate. You won’t have a condo deed to your unit; instead, you become a co-owner of the whole property with a contract that lets you live in Unit X bpfund.com. Make sure you’re comfortable with the idea of shared ownership and the slightly unconventional nature of TICs. This means accepting a bit more interdependence with your co-owners than condo owners typically have.
Review the TIC Agreement Thoroughly: The TIC agreement is essentially your bible for rights and responsibilities. Read it carefully (and have a knowledgeable real estate attorney review it) before you remove contingencies on a purchase bpfund.com. Check how decisions are made (majority vote or unanimous?), how expenses are split, rules on renting your unit, what happens if someone defaults or wants out, any right of first refusal for co-owners, etc. A well-drafted agreement should address things like dispute resolution and sale procedures. If something in the agreement is unclear or concerning, address it before you commit – you might negotiate an amendment or at least know what you’re in for.
Secure Specialized Financing Early: Plan your financing upfront with a lender that offers TIC loans bpfund.com. Traditional 30-year fixed mortgages won’t be available from the big banks for TICs. Instead, get pre-approved with a fractional TIC loan program – many local mortgage brokers in SF are familiar with TIC financing. Expect to put down around 20% (although some programs allow 15% down) bpfund.com. Interest rates on TIC loans may be a tad higher than on condos, and they often are adjustable-rate loans. Shop around among the handful of credit unions and banks that do these loans. Getting a rate quote and loan terms in writing will also help you budget the monthly costs accurately.
Count the True Costs: Compare the monthly cost of the TIC vs a condo carefully. TIC owners usually split property tax and building insurance, so those will be part of your monthly obligations (often collected as a “TIC HOA” fee). Ask the seller for a breakdown of current monthly expenses per share. Also consider future repairs – is there a reserve fund or will you likely face special assessments? Much like a condo, you want to avoid buying into a building with major deferred maintenance unless the price reflects it. Also note that property tax reassessment will occur for your share upon sale – in SF, each TIC share is typically assessed based on its sale price (though technically the whole building is assessed and then apportioned), so you’ll pay property taxes roughly equivalent to 1.2% of your purchase price annually (split into your monthly budget).
Assess Conversion Potential (but Don’t Count on It): If you’re buying a TIC in a 2-unit building, research whether it meets the condo conversion bypass criteria (both units owner-occupied by separate people for a year, no evictions, etc.) andysirkin.com. If so, there’s a decent chance you and your co-owner can eventually convert to condos – which is a great upside. However, if it doesn’t meet the criteria (e.g. one unit is tenant-occupied or an owner owns both units initially), conversion might not be possible. For 3- or 4-unit TICs, as discussed, conversion is currently off the table pending lottery reinstatement. It’s safest to buy a TIC for what it is now, not what it might become. Any conversion possibility should be treated as a bonus, not an assumption. That said, knowing the building’s status can inform your decision – for example, a 4-unit TIC that participated in the old lottery might have a latent chance if the lottery returns. Consult with a TIC-savvy realtor or attorney about the latest local rules if conversion is a major consideration for you.
Plan for the Long Term & Resale: Be prepared to hold the TIC for a longer period or through market ups and downs. TICs can be harder to sell in a slow market, since they have a narrower pool of buyers. If there’s a downturn, you may need to price aggressively to sell. Thus, it’s wise not to overstretch financially when buying a TIC – keep a cushion. When the time comes to resell, you’ll want the unit to appeal to the next crop of TIC buyers (typically budget-conscious buyers who value the location). That means maintaining the property well and perhaps being flexible on price. In short, think of a TIC as a long-term home; if you wouldn’t be comfortable holding it for many years, you need an exit strategy.
Work with Experienced Professionals: Use a real estate agent who knows TICs and a mortgage broker or lender who has done TIC loans. The escrow process for TICs can be a bit different (for example, TIC sales often involve all co-owners signing certain documents like a new TIC agreement or deed). An experienced TIC agent will ensure all the paperwork (title, TIC agreement, etc.) is in order and can often connect you with reputable TIC lenders and attorneys. Don’t be shy about asking professionals about their TIC experience.
Community and Co-owner Considerations: Finally, remember that when you buy into a TIC, you are also effectively entering a small community – your co-owners are somewhat like partners. You don’t have to be best friends, but you will be making joint decisions about the property. Try to meet the other owners (if it’s an existing TIC) or size up your fellow buyers (if you’re forming a new TIC with others). Make sure there’s a basic level of trust and good communication. A lot of TIC success comes down to reasonable, responsible co-owners and clear agreements. If something feels off (say, one owner is notably uncooperative or finances seem unbalanced), take pause and address it if you can. It’s easier to enter a TIC with the right expectations than to fix issues later.

Tips for TIC Sellers

Understand the Buyer Pool and Price Accordingly: When selling a TIC unit, recognize that your buyer pool is smaller than for a condo or single-family home. Not everyone is open to the idea of a TIC, and not every buyer can get the specialized financing. That said, San Francisco has a fairly established TIC market, and dozens of TIC units sell each quarter – so there is a market. The key is to price the property realistically, reflecting the TIC discount. Look at recent TIC sales (not just condos) in your area to gauge value. Overpricing a TIC can lead to it sitting on the market longer, especially if interest rates are high or if buyers have plentiful condo options. Many TIC sellers price roughly 10-20% below an equivalent condo’s price, to account for the differences.
Market the Advantages: When listing, highlight the benefits that your TIC offers. Emphasize the home’s features (size, location, upgrades) that a buyer might not afford in a condo at the same price. For instance: “This TIC offers a spacious three-bedroom flat in Pacific Heights for under $X, a rare find compared to condos in the neighborhood.” If the TIC has a unique selling point – e.g. it’s in a 2-unit building eligible for fast-track condo conversion, or it comes with 2-car parking, or has super low property taxes due to a historical assessment – make sure buyers know. Education is part of the marketing: your listing agent should be prepared to explain what a TIC is and why it’s a great opportunity. Many buyers in SF are now aware of TICs, but providing a one-sheet FAQ at open houses (covering financing options, etc.) can be helpful.
Have Financing Resources Ready: One way to ease buyer concerns is to do some homework on financing. Consider getting your property “pre-approved” or at least evaluated by a TIC lender. For example, some sellers will have a TIC lender ready to speak with interested buyers, or even have a rate quote available (“Fractional financing available from Lender X with 20% down; loan officer contact info: ___”). This signals to buyers (and their agents) that financing is feasible and lined up. Also, if your current loan is a group loan (older TIC setup), look into the process for splitting into fractional loans – sometimes marketing the unit as “eligible for fractional refinancing” can reassure buyers. In 2025, most TICs on the market already have fractional loans in place, but if not, be proactive in addressing that.
TIC Agreement and Disclosures: Make sure your TIC agreement is up-to-date and well-drafted. If you’ve been in a TIC for a long time, review it to see if any amendments occurred or if anything might raise red flags to buyers. It’s wise to provide the TIC agreement and financial statements (property tax splits, recent common expenses, etc.) to serious buyers early (usually as part of a disclosure package). Transparency builds trust. Additionally, disclose any quirks in the co-ownership arrangement: do you have any outstanding disputes with co-owners? Any big repairs planned? Remember, a buyer is not just buying your unit – they’re buying into the group. So if, say, the TIC collectively decided to remodel the roof next year and each owner must contribute $10k, disclose that. It’s similar to how condo sellers disclose pending HOA special assessments.
Cooperate with Your Co-owners: Selling a TIC unit often requires a bit of cooperation from the other co-owners. For instance, all TIC owners typically sign a new deed (granting title to the new buyer and re-establishing the TIC shares) at closing. Your neighbors will also be dealing with a new partner once you sell. Good etiquette (and sometimes TIC agreement rules) suggest giving your co-owners a heads-up that you’re selling and sharing information about the buyer when the time comes. In some TICs, co-owners might even have a right of first refusal to buy your share – ensure you honor any such provision by formally offering it to them if required. Even if not required, keeping communication open can smooth the process (e.g., coordinating showing times if the building has common areas or ensuring the buyer’s inspectors can access common systems like the furnace, etc.). A friendly, cooperative sale will also make the transition easier for the incoming buyer and the remaining owners.
Staging and Improvements: Treat the sale similarly to a condo in terms of presentation – stage the unit nicely, complete any minor repairs that could be objections, and perhaps spruce up common areas if they’re overly cluttered or rundown. While you don’t control the whole building, you and your co-owners collectively benefit from giving a good impression (just as an HOA might spruce up a lobby before selling units). If you’re the only one selling at the time, even small touches like a fresh coat of paint in the entryway or making sure the landscaping is neat can help. If your TIC is in an older building, consider providing any inspection reports upfront (e.g., a roof report or pest report), so buyers know what they’re getting. This can preempt fears about “what if the building needs X, Y, Z.”
Leverage Experienced Agents/Attorneys: Use a real estate agent experienced in TIC transactions to list your unit. They will know how to address buyer questions, work with the title company on the unusual aspects of TIC escrow, and market the property correctly (including emphasizing that TIC loans are available). Likewise, have a real estate attorney on call in case any TIC-specific legal questions arise during the sale. Many TIC sales go smoothly, but if a buyer or their lender requests an amendment to the TIC agreement or a clarification, you’ll want professional guidance.

Selling a TIC in San Francisco is very doable – thousands have sold over the years – but it requires the right preparation and mindset. By pricing it right, being transparent, and marketing the unique value proposition, you can find the right buyer who appreciates the home (and isn’t scared off by the TIC aspect). Remember, many buyers actively seek TICs because of the price advantage and location benefits, so your goal is to reach those people and give them confidence to proceed.

Conclusion

Tenancy-in-Common units are an integral part of San Francisco’s real estate tapestry. They offer a creative solution to the city’s limited housing options – allowing people to buy into neighborhoods they love at a relatively lower cost, albeit with some extra complexity. We’ve seen how TICs evolved out of SF’s policy environment and how they continue to adapt. Owning or buying a TIC isn’t for everyone, but for many San Franciscans it’s been a smart strategy to achieve homeownership in an otherwise prohibitive market bpfund.com. The key is to be well-informed: understand the legal and financial nuances, work with professionals who know TICs, and go in with a cooperative spirit. If you do, a TIC can be not just a “tenancy in common” but also a rewarding experience in community-oriented home ownership.

Whether you’re a buyer considering a TIC as your path to owning a piece of San Francisco, or a homeowner thinking of selling a TIC share, we hope this guide has shed light on the major points to know. San Francisco’s TIC market may be uncommon, but it’s certainly not unknowable – with the right knowledge and resources (and perhaps a pinch of patience), you can navigate it successfully. Good luck, and happy house hunting or selling!

Sources:

Goldstein, Gellman et al., “Tenancy in Common in San Francisco – FAQs,” (2017)g3mh.comg3mh.com.
Vivre Real Estate, “Tenancy in Common in San Francisco: Ultimate TIC Guide,” (Apr 6, 2023)vivrerealestate.comvivrerealestate.com.
Sirkin Law (Andy Sirkin), “Tenancy in Common – An Introduction,”andysirkin.comandysirkin.com and TIC resources.
Dpaul Brown, Realtor, “Condo vs. TIC vs. Co-op,” (Mar 10, 2021)dpaulsf.comdpaulsf.com.
Inside SF Real Estate (E. Bermingham), “State of the TIC Market – 2024 & 2025,”insidesfre.cominsidesfre.com.
Bridgepoint Funding (M. Trejo), “Why TICs Are So Popular in San Francisco: A Buyer’s Guide,” (Sept 11, 2025)bpfund.combpfund.com.
Mansion Global Library, “What is tenancy in common?” (Updated June 26, 2024)mansionglobal.commansionglobal.com