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Tenancy In Common Attorney To Destroy The Venture

Aug 2, 2008
Joint venture in real estate is the current trend in this type of business. Many investors have realized that the risk in going into a real estate acquisition, whether for business or commercial, comes with its own financial problems. In order to minimize this problem from occurring, many individuals in the industry are going in Tenancy in Common (TIC) with their partners.

Tenancy in Common allows each individual in the acquired property to have their own shares according to the percentage of their investment. It is not necessary for these shares to be equal; it all depends on the amount of money that they put into the venture in acquiring the property. Each individual will contribute according to their shares regarding expenses and possible refunding of the property in question. This minimizes the risks since the investments are distributed among many, with the event of the problems occurring being lessened.

Tenancy In Common Attorney

A tenancy in common attorney can help individuals in creating a joint venture, or getting out in one. Especially in the field of legalities, it is very important to have someone knowledgeable on your side about the intricacies of state laws and regulations regarding joint ventures.

There are plenty of ways to get out of TIC, and these professional can provide methods to get it done. The tenancy in common attorney can advise you regarding the gifts or sale of the tenancy in common through interests or the process of judicial partition. Also, since the share in the venture is very important, the tenancy in common attorney can help you get your fair share of investment and profit depending on the percentage stipulated in the contract.

Methods in Terminating a Joint Venture

Your tenancy in common attorney can give you the options you need to terminate a joint venture. One option includes an open agreement with your co-owner to sever the venture, giving each an ownership of a share of the property according to the percentage of your investment.

Another method given to you by your tenancy in common attorney is through judicial partition. This option will divide the property according to the stipulated agreement depending on each of their shares. Another method would be to sell the property itself and the proceedings and profits will be distributed to each of the co-owners.

Ousting is also one method of terminating a joint venture with an individual in a tenancy in common. Ousting will automatically terminate the tenancy in common when one or more co-owners are dispossessed of the property in question. Followed by this option are legal proceedings when the ousted party will demand their rightful share of the investments, as well as the profits.
About the Author
Kathryn R. Landry is a business writer for TIC Advisors, Inc . A company that can give you the most complete information on a 1031 exchange or TIC properties nationwide.
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