In addition, the members of the agreement can sell independently of one another or borrow against their share of ownership. This hierarchy of decision-making has proven to be very effective over the 35 years that our office includes ICT documentation (with more than 8,000 ICT groups) to avoid blockages of ICT owners and disputes. Less than 2% of the groups for which we have concluded ICT agreements need mediation, arbitration or judicial intervention, a lower incidence than housing ownership communities. Together, all co-owners own 100% of the shares of a property under a joint rental agreement. You don`t own everyone 100%, like in a joint lease, but your shares add up to 100%. The breakdown can be any variation, that is: Dan could own 50%, Dave could own 25%, and Ellie could own 25% or a third with 33.33%. Because a joint lease agreement does not legally divide a property or property, most tax areas do not separately assign each owner a proportionate property tax bill based on their share of ownership. Most of the time, joint tenants receive a single property tax bill. A good ICT agreement should be comprehensive and well organized and not “short and simple”. The ICT agreement should be seen as an insurance policy against costly, costly and relationship-destroying disputes. Even if the vast majority of ICT groups get along well and never have to refer to their ICT agreements, the risk of having to resort to the ICT contract should not be ignored, even if the co-owners are long-standing friends (or families) and have always heard each other well. Individual ICT financing is not the same as individual condo financing and does not make an ICT a condo.
As ICT properties have not been divided, a single ICT mortgage cannot be secured by a particular unit or house. Just as ICT owners rely on the unregregided ICT agreement (not a certificate) for their right to occupy a particular home, ICT lenders must rely on the ICT agreement (not their trust or mortgage) to ensure that they will be able to provide the same occupancy rights to a forced sale buyer. SirkinLaw APC has prepared nearly 5,000 occupancy-based ICT agreements for real estate of all sizes and kinds and continues to support the vast majority of these transactions in California. This unparalleled experience allows us to offer proven approaches for the vast majority of condominium situations, resolve issues quickly and efficiently, and produce documents that are clear, easy to navigate, and read and apply efficiently and cost-effectively. We improve our documents every month when we encounter new situations and learn more about the ICT arrangements that work best in the real world. We also share our accumulated knowledge and support real estate professionals and the ICT community by continuously publishing new articles on our website and offering free educational workshops. . . .