Buying a home with a family member, friend or business partner as a common tenant can help individuals enter the real estate market more easily. Since deposits and payments are distributed, the purchase and maintenance of the property can be less expensive than for an individual. In addition, credit capacity can be streamlined if an owner has a higher income or a higher financial base than other members. SirkinLaw APC has prepared nearly 5,000 occupancy-based ICT agreements for real estate of all sizes and kinds and continues to support the vast majority of these transactions in California. This unparalleled experience allows us to offer proven approaches for the vast majority of condominium situations, resolve issues quickly and efficiently, and produce documents that are clear, easy to navigate, and read and apply efficiently and cost-effectively. We improve our documents every month when we encounter new situations and learn more about the ICT arrangements that work best in the real world. We also share our accumulated knowledge and support real estate professionals and the ICT community by continuously publishing new articles on our website and offering free educational workshops. Proper structuring is a critical step in joint transactions. In accordance with the 2002-22 revenue procedure, the Internal Revenue Service will consider giving a decision by private correspondence to an interested party if the following 15 conditions are met and/or are present in a planned ICT transaction.
An ICT agreement should be long enough to cover any important, well-organized topic (including an index or table of contents) so that a necessary layout can be found quickly and easily, and that it can be written in a comprehensible language while being sufficiently nuanced to avoid ambiguities or loopholes. In the unlikely event that you will one day have to use your ICT agreement, you want to be able to find a section that directly addresses your problem and clearly provides a solution. A “short and simple” ICT agreement is unlikely to directly address your specific problem, which effectively makes it useless….