Sorting Out Post-Condo Lottery Confusion

Posted On: Thursday, February 24, 2011 - 6:00am | Posted By: Eileen Bermingham
Topics: Buyers and Sellers | Tags: condo conversion, condo lottery, TICs

My colleagues and I have noticed a few listings coming on the market that are being classified as condos---but which are really TICs in buildings that recently won the lottery. It's important to note that until a building is fully converted and all units are officially condos, you can't call a TIC a condo. Even if everything is on track for condo conversion.

This is a good distinction to make if you're a buyer who's not interested in completing someone else's condo conversion. And sellers, it's important to recognize that condo conversion does incur quite a few fees, so expect buyers to factor those costs into the price they pay for your TIC.

Eileen Bermingham

Eileen specializes in representing buyers and sellers of single-family homes, condominiums, TICs and multi-unit buildings in San Francisco.
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