Camino Commons - Live Your dream

		1469 - 1471 El Camino Real Burlingame, CA 94010 GORGEOUS... Professionally Designed Residential Homes In The Prestigious Burlingame Community.
		Intero Real Estate 1100 Park Place, Ste. 100 San Mateo, CA

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	Misconceptions of TIC Ownership
	$Text Box: Frequently Asked Questions & Misconceptions of TIC Ownership 1. Q: Can I refinance? A: Yes, provided you go through a lender that is making individualized fractional loans. 2. Q: Do I need all co-owners approval to re-finance? A: No, since you have your own individualized fractional loan, you may re-finance at anytime subject to any Restrictions that are memorialize in your current loan. 3. Q: Is there a pre-payment penalty? A: Not with all lenders 4. Q: What if someone defaults on their loan or does not pay their HOA or Taxes; does it affect me? A: A mortgage default will cause the lender to start foreclosure proceedings. A non-payment of Taxes or HOA will necessitate: a. Taking funds from the default account as provided for in the TIC Agreement, and b. Institute foreclosure proceeding by the co-owners and/or lender against the defaulting co-owner as provided for in the TIC Agreement. 5. Q: What happens if there are no Fractional loans available when I am ready to sell? A: First-of-all, your fractional loan is assumable. If there is a large disparity between your current loan balance and the new purchase price: a. buyer will have to make a larger down payment and/or b. seller will have to carry back some financing. 6. Q: How many lenders are currently making individualized fractional loans and will any other Lenders be offering individualized, fractional loans in the future? A: Currently there are seven (7) banks offering individualized fractional loans, which is four (4) more than a year ago. Recently, three (3) of the largest banks began reviewing the TIC loan product. 7. Q: How long must I wait before I sell; and do I need approval from the other co-owners? A: You can sell your fractional interest at anytime and you do not need approval from your co-owners. 8. Q: Who determines the resale price of my fractional interest? A: Market value will determine the price. You and your qualified agent will make that decision. 9. Q: Can I take my property taxes and mortgage interest as a write off on my personal income taxes? A: Yes, as provided for in the IRS tax code. 10. Q: Can any co-owner physically take possession or use my residence? A: No, each co-owner contracted for exclusive use of a specific residence, parking and storage space. The exclusive use of residences, parking and storage space, is memorialized, and provided for in the TIC agreement. No co-owner can infringe upon the exclusivity of another co-owner. 11. Q: What happens if someone gets hurt on the property? A: HOA dues include payment for Property and Liability insurance policy. 12. Q: Can I rent my residence? A: Yes, the number of total renters (non-owner occupied) will be mandated by lender and co-owners. 13. Q: Can I modify and/or remodel my residence? A: Modifications may only be done as permitted by the City of Burlingame Building Department. Cosmetic improvements are permitted. Common walls may not be altered and no hardwood floors may be installed if someone lives below you.$
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