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Guest

if one of he TIC lives in the residence, but owns a lesser percent (33%) than the non-resident TIC. Would the payment of condo fees be based on the percentage owned or being a resident TIC thus having a greater financial responsibility?

thank you

smithsussane · Posted: Sun Aug 16, 2009 9:06 pm Post subject:

Hi Guest!

Welcome to forums!

Both the tenants in common should divide the condo fees amongst themselves and pay it off. I don't think the division of condo fees would depend upon the percentage owned or being a resident tenant in common.

Feel free to ask if you've further queries.

Sussane

Guest

I have joint ownership rights (tenacy in common) in a house that was sold. Would each of us only be entitled to the amount we ecah contributed to the purchase of the home?? Would the person residing in teh home be responsible fro the property taxes?

jameshogg · Posted: Mon Aug 31, 2009 10:28 pm Post subject:

Hi Jack,

As far as I can understand, you would be entitled to the half of the sale price of the property. As far as the property taxes are concerned, the owners of the property would be responsible for it. The non-resident owner of the property can also share the property taxes with the person residing in the property.

Thanks

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