Tic Agreement

One or more tenants can buy other members to terminate the lease. If tenants develop conflicting interests or instructions for the use, improvement or sale of the property, they must agree together to move forward. In cases where there is no agreement, a partition action may take place. The divisional action may be voluntary or judicial, depending on the cooperation between the tenants. In some cases, a buyer or group of buyers creates ICT. For example, a single buyer may form a group of family members or friends, use a qualified broker to locate a building, agree on the allocation of percentages of ownership and units, and then work with a lawyer with tenants with common experience to establish the ICT agreement. Property damage in condominiums and tic buildings has always raised complex problems, especially when a presence in a dwelling (. B for example, a smoked hose) causes damage to another person or when a common area failure (for example. B a roof leak) causes damage to one or more units. Recent developments in the insurance world, such as rising premiums and the tendency of insurers to raise rates based on the number of receivables submitted, have only increased this complexity.

Our next-generation ICT agreements offer much more detail and instruction on damage liability and insurance. These agreements are more explicit, for example, when an owner is responsible for the damage done to another owner`s unit and the group is responsible for the damage caused inside the dwelling and how that liability is compromised when a high-quality object, such as. B works of art or expensive electronics, is damaged. Similarly, these agreements define the elements and elements of the building insured by the Group and the property and elements that insure the individual owners and limit the right of each owner to assert rights against the group or another owner if the first owner has suffered a loss because he does not have sufficient insurance. Individual ICT financing is not in the same way as individual co-ownership financing and does not make an ICT a condo.