While a TIC does not have to be governed by a written agreement it should be. I am a real estate attorney and have dealt with the good, bad and ugly of TICs which can often feel like a Tick once you are "invested." If a TIC agmt exists it usually appoints a manager who acts like a general partner although all members will be held liable for any actions against the property in absence of an indemnity agreement. The TIC agreement usually has provisions for a sale such as 60% must approve a sale or it must first be offered to existing members etc. The problem normally occurs with title companies who want 100% to agree regardless of the TIC agreement before they will issue a title policy.
Jul 5, 2012