6 Essential Provisions For Your Next Tenant In Common Agreement

Looking for six essential provisions for your next tenant in common agreement? Well look no further as Clint Coons, Esq. and all his wisdom has the list you need for your next tic agreement.
Now if you're wondering what a tenant in common agreement (tic agreement) is, then be sure to check out our previous video where we go more into detail on the how, why, what, and who.
Here is the link: • Real Estate Joint Vent...
Moving forward, in this video, we will be going over those 6 essential provisions in a well-thought-out, convenient list that is sure to help you on your journey in mastering those agreements.
If you happen to get lost, reach out to us in the comment section below as we want to make sure as many of you as possible can take this opportunity to better your tics.
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"The last thing you want is this person who never flipped a property before, never invested before, to start dictation what we are going to be doing" 5:11
Follow us as we go through each and every part of this list with a fine-toothed comb and understand why these 6 things are so important to a real estate investor.
We hope you are able to apply these lessons to your investing lives either now or in the future. Until then, enjoy our video in its entirety and absorb the knowledge a seasoned professional has to offer.
As we said, feel free to reach out in the comment section if you have any questions or concerns. We also love to hear any comments or suggestions you may have and are interested in watching us implement them on the channel.
It is always a pleasure to provide this insider information to our audience, and we will continue to do so hence why you should subscribe to the channel so as to not miss out. We would also appreciate it if you would click that like button and share our content on your platforms.
Thank you for watching, and good luck with your real estate endeavors.
Show Notes:
0:00 Intro
0:13 Brief Look into Tics
2:32 #1 - No Right to Partition
4:40 #2 - Management
6:05 #3 - Capital Calls
7:47 #4 - Responsibilities of the Tenants
8:39 #5 - Go On Loans
10:08 #6 - Right of First Refusal
12:20 Outro
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ABOUT CLINT COONS
Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#assetprotection #realestatetips

[@fulllifeadventures]

Great content, thanks Clint.

[@ClintCoons]

Full Life Adventures Thanks for watching.

[@bwoods0811]

Fantastic and very brief loads of key terms. Very informative and to the point.

[@ClintCoons]

Thanks for the visit.

[@robhemmerle643]

Love this video. Was just trying to understand how my llc could partner with another investor on a rental. I believe this would do the trick.

[@ClintCoons]

Glad it was helpful! One other point - each of you should own your TIC interest through a separate LLC for asset protection

[@jacquelineissenmann1045]

Hi Clint, could you please make a video on how to structure the LLC as a PML and HML? Can it be in under one LLC or they should be separate? Thank you ♥

[@ClintCoons]

Great suggestion! I would put them in the same LLC given it is lending activity.

[@robertruschak7083]

Excellent 6 points on TIC provisions

[@MsAllie-hf1bh]

BB

[@aftermathmatix]

Clint how do we file taxes , we have a commercial property, trying to do 1031 exchange when it sells, we were told we need 2 tax filings 2023, 2024 , in order to do 1031. This was LLC prior, 2 partners 50/50, we have switched over to TIC.

[@zacha157]

Clint, excellent video. Does a TIC agreement avoid any unregistered security issues among the parties?

[@ClintCoons]

It can yes because each person is an owner of the asset however, if you turn over the management to one of the parties then this could be a potential security issue. Best to run it by a securities attorney.

[@bsmeily]

Is TIC the right move for “permanent” buys. Example 2 brothers buy a 100 acre farm to build houses on opposite sides and live on with 1 brother taking 70% ownership with the other 30%. I thought I seen a video you did years ago talking about this that I can’t find on how you can even setup pre identified partition lines in the TIC during closing in case one person has to sell their portion due to getting sued, divorced, cancer, etc. also including right to refusal to give the other brother first dibs on property if it goes up for sale. And Are the portions of the property protected if they aren’t technically divided prior to a lawsuit. Hunting leases sound similar and come to mind to but know even less about that.

[@ClintCoons]

In a TIC you do not have asset protection unless you set it up with LLCs as the TIC owners. Further a TIC does not have pre-identified areas in general but you can attempt to identify the separate nature of the relationship by placing a parenthetical notation on the deed as to the separate address held by TIC owner 1 versus 2.

[@xxmaddog_madaraxx]

💪🏾💪🏾

[@shawns9813]

Do you do bar prep or bar exam tutoring?

[@ClintCoons]

I do not.